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                                                           Warning!  This company is a complete scam!
Ahsan Ali Syed is a liar, cheat, swindler, fraudster and con man. We would welcome him taking legal action against us and are quite willing to furnish him with our legal team's details for service of any court documents on any legal actions he may wish to set on foot.

                       AT LAST!    BAHRAIN JUDGE ISSUES ARREST WARRANT FOR ALI!                   April 11, 2013
The image opened by this link is a copy of the actual arrest warrant issued by the Bahraini Ministry of Justice on April 10. We will furnish more on this story and an English translation shortly.
Another of Ali's lawyers quits: Sep 24, 2012 http://www.eldiariomontanes.es/20120914/deportes/mas-futbol/weber-comunica-consejeros-abogado-201209141014.html
Racing Santander proxy boardman and Ahsan Ali Syed's lawyer, Horst Weber of the Swiss legal firm Vogel Weber, has quit. It seems that sooner or later, everyone who is ever engaged by Ali finishes up quitting, either because they didn't get paid, as with publicists Hill and Knowlton, or they had a touch of conscience and woke up that Ali is just a plain scammer.
Spanish Government sues Ali  The Government of Cantabria has launched legal proceedings against Ali Syed over non-payment for shares in Racing Santander; See http://www.cantabriadiario.com/Portada/cantur-inicia-acciones-legales-contra-ali-syed.html 
Ali's properties seized in Bahrain: Following the Bahrain Chamber For Dispute Resolution's finding against Ali Syed last October, The Court of Execution has seized three properties belonging to Ali through his first company in Bahrain, Western Gulf Advisory BSC. Ali was attempting to transfer these three properties to a new company 
he recently registered in a move to hide the assets. We have been advised that auctioneers have been appointed and the properties are to be sold to repay Keith Johnson some US$3.6 million plus interest, and to pay the BCDR the costs and fines awarded against Ali and WGA. It is also understood that the Public Prosecutor is building a file on Ali Syed with the objective of finally bringing criminal charges against him.

WGA Bankrupted in Holland. See official case reports.
Is it safe to do business in Bahrain? Maybe, but we think not.  Read editorial
Radio Interview with Keith Johnson
Bahrain Supercar Sponsorship gone?
Crown Prince embarrassed? Comment and links
We were wrong! WGA still sponsor of V8 Supercars  
Updated editorial
Ali's shares in Racing Santander frozen. 
Spanish Court trial on Ali's shareholding set for April 2.

LATEST NEWS ! How the scam works Ahsan Ali Syed - Thief. Omer Khan, CFO -  Liar
The PR Machine The Australian Conspirators Auditors and Valuers Ali's Emails to Wikifrauds Racing Santander - Spain
Our Mission Statement The Swiss and Bahraini Crew Web censorship and closures Ali the Hacker References and Links
The Victims and the Dollars The Malaysian Victim
Johnson Property Group
The Victims Forum
Supporter's Page
Where's Ali today!  To track Ali, just track his private jet on-line here:    (This jet should be painted in QANTAS livery!) 

                                               EXCLUSIVE - Inside Ali's office.     A must read.
                                                An insight to Omer Khan's departure.
                                LATEST NEWS
and Other Items:

Racing Santander struggles to survive "the scourge of Ali Syed".   
See article.
Ali's New Lawyer
- Horst Weber of
Vogel Weber, Zurich.   Ali has fooled someone else - again!

Ali registers
new company in Bahrain! . . .and BDO involved, again!

Filing Link


Serepisos finally loses Wellington Phoenix

Ali's loses his pride and joy - the personal jet repossessed!            
ALI SYED- THE MISSING YEARS 2006 -2008  Filling the gap
SEREPOSIS HEADS INTO BANKRUPTCY.  Wellington Phoenix Football Club about to go.
Happening now! ALI and ASHISH GUPTA lie to reporter and victim alike!  Brazen Lies Again!
Ali Syed and Ashish Gupta spear each other with their own emails!
A fully explicit series of emails to a victim claiming that his refund has been sent! Compelling further evidence of the criminal activities of Ahsan Ali Syed and his crew of fraudsters. Only a week ago, in a personal interview, Ali even stated to an international journalist that this refund was happening!
Previous Headlines:

Serepisos - Bankruptcy deferred 
South Canterbury Finance joins proceedings. New Judgement against Serepisos
Racing Santander forced to apply for administration.
Omer Khan has definitely gone!  
LATEST SCAM PLAN: KOREAN STOCK EXCHANGE  Germany now the target.  and now . . . .  WGA abuses Judge
Racing Santander president appeals for help to oust Ali !

Players, taxes not paid - Again! Open Challenge to Ali Syed
Johnson still waiting on refund
Ali caught in deliberate lies
The Serepesos Affair in NZ
Ali's cheque bounces
Ali's bodyguard squeals.
Govt Moves on Ali Guarantee
Another close escape
Our latest Forecast
Summary of the situation.
McCabe deal proves a lie
Hill and Knowlton Quit

"The Guardian" Latest
Llamamiento de a Cantabria
Ali's Jet "for sale"


Radio Interview with Keith Johnson
January 30, 2012: Mr Keith Johnson was interviewed on radio this morning by Australia's most powerfull media broadcaster, Alan Jones. Mr Jones' morning talkback program on Sydney's 2GB is the highest rated radio program in the country and is broadcast through the Macquarie network to all states. It is said of the veteran broadcaster that "when Jones speaks, governments listen". Mr Johnson again repeated his charge that Ali Syed is a sophisticated fraudster, but expressed his hope that his recent visit to the Public Prosecutor in Bahrain will result in that justice we all hope Ali receives.
Click the following link to hear the interview in full. There are a few minutes from Mr Jones about the costs of real estate developments in Australia before the subject of the WGA fraud is discussed. Listen to Interview.
Just how safe is it to do business in Bahrain?
January 22, 2012:
Ever since the demise of Beirut, the ancient Silk Road world market landmark, one or two Gulf States have striven to become the new financial capital of the Middle East. Bahrain is foremost, over shadowing nearby Dubai, and culminating in the creation of the Bahrain Financial Harbour which opened in 2010. There are many incentives for global businesses to headquarter in Bahrain, including a tax-free commerce environment and the ability to be 100% owned outside of the oil-rich kingdom. But just how safe is it to do business in Bahrain in 2012?

 Apart from the sectarian and political strife that has plagued the kingdom since the 'Arab Spring' civil unrest which began in February 2011, questions are arising about whether the government, that is to say, the Royal family, has the real tenacity to truly embrace Western capital structuring and a 'normal' regulatory landscape, which includes a fully independent judicial system.

 Bahrain, home port for the US Fifth Naval Fleet, is supposedly a parliamentary constitutional democracy with universal suffrage and a National Assembly. The head of State is the King, Hamad bin Isa Al Khalifa, however nearly all ministries are controlled by close members of the Al Khalifa Royal Family (See Citation), and if not, then appointments are under Royal patronage. Even the Prime Minister, Khalifah bin Salman al-Khalifah, is a cousin of the King - in other words, nepotism is as rife as it gets. And nepotism breeds corruption, also widespread in Bahrain. The Justice Ministry itself, the very place where independence should be expected, is also run by a Royal appointment. As are all the courts, the Public Prosecutors Office, and even the Bahrain Chamber for Dispute Resolution (BCDR), established in partnership with the American Arbitration Association (AAA), the world’s largest provider of conflict management and dispute resolution services, is headed by Sheika Haya Ali Rashed Al Khalifa, a cousin of the King.

Here's the rub - the potential for conflicts of interest even in the supposedly 'normal' business world where Bahrain has determined to attain world recognition as a safe place to do business.

There is an upcoming court case to be heard next week, involving the notorious Ahsan Ali Syed, founder and chairman of Western Gulf Advisory (WGA), registered in Bahrain's capital Manama, and Australian businessman and property developer, Mr Keith Johnson. Johnson has alleged that he was fraudulently deceived into handing over some US$3.6 million in fees in 2010, to obtain loan funding by WGA which never eventuated. And despite clear clauses in WGA's Advisory Agreement stating that the fees were unconditionally refundable if a loan was not delivered, Johnson has been unable to retrieve any of his money, despite a ruling handed down by the BCDR in October 2011 ordering WGA to return the fees, and despite the fact that Ali himself in several widely published press interviews last year, promised to refund the fees.

Given that Indian born Ali Syed, who has left a trail of financial destruction and allegations of large-scale fraud around the world since 2008, has openly bragged of having close ties to the King and the Royal family, the obvious question of due process in the courts needs to be addressed - particularly as his defence attorney is none other than the King's very same cousin, chair of the BCDR, Sheika Haya Ali Rashed Al Khalifa herself. The apparent conflict of interest here is whether Johnson's day in court, and with the Public Prosecutor with whom he has lodged a criminal complaint, will be subjected to the nepotistic pressures of the Bahraini environment. Or will justice and transparent due process take place.

Johnson flies out to Bahrain this weekend, and will be accompanied by Australian lawyer Mr Andrew Bryce, who represents over 15 Australian Companies in the same predicament as Johnson, and who will be armed with a number of affidavits showing evidence of Ali Syed's up-front fee scam.

It is hoped that the Bahrainis realise that there is a lot more at stake for them than simply this one case of fraud. The enforcement department of the Swiss Financial Regulatory Authority, FINMA, which has an open file on WGA, will also be watching, as will the Serious Fraud Office of New Zealand. The prized international reputation of Bahrain as a safe place to do business will also be riding on this matter.

See also: Press release from Australian Lawyer Andrew Bryce.

Update February 14, 2012: Our fears seem to be justified. Both Keith Johnson on his own account, and Andrew Bryce representing some fifteen victims from Australia, met with the public prosecutor as arranged. The details of this meeting are confidential, however it appears that nothing has been done about the complaints against Ali Syed, and after some five weeks, apparently neither Johnson nor Bryce have heard anything since their visit to the prosecutor.

The proposition that a man like Ali can thrive with impunity in Bahrain is a chilling reminder that the Kingdom is no safe place to do business. Not only that, but the fact that The King's son,
Crown Prince Sheik Salman bin Hamad bin Isa Al Khalifa, boasts Ali as his "good friend", begs the question of interference in the judicial system. The prosecutor has been provided with ample proof of Ali's fraud, and nothing has been done about it. The corruption and nepotism appears to be alive and well. Is the Crown Prince embarrassed or involved? It is our opinion that Bahrain is definitely not a safe place to do business with any expectation of judicial backing. Any Australian businesses considering a business relationship with firms in Bahrain should think hard about the risk factors of doing so. Might be better trying to do business in Burma or North Korea!

Update April 3, 2011:  Despite the Bahrain Court of Execution seizing three properties from Ali in order to repay Keith Johnson's fees, there is still no sign that the government has ceased dealing with Ali. Promises of criminal proceedings are yet to be met, and this fraudster still boasts sponsorship of the supercar racing at the Bahrain International Circut and the Kings Cup Football Final. And with Racing Santander left in such a mess by Ali, and New Zealand's Wellington Phoenix soccer club forced to be sold by Ali's failure to settle his promised loan (and keep the up-front fees), how come FIFA haven't blacklisted WGA around the world?
What is it with the Royal Family in Bahrain that they seem happy to be associated with the likes of Ahsan Ali Syed.
WGA's Sponshorship of Bahrain International Circut gone?
Ali Syed's much publicised sponsorship of the Bahrain International Circut (BIC) and Supercar Racing seemed to be over, but maybe not.

Last October, amid much fanfare, Crown Prince Sheik Salman bin Hamad bin Isa Al Khalifa, heir to the throne of the Kingdom of Bahrain and Chief Executive of BIC, proudly announced that "his dear friend" Ali Syed's company, WGA, was the new sponsor of the Supercar races to be held at the country's international standard motor racing circut. (see: https://www.youtube.com/watch?v=XSivvU-BOkY ) During the press conference The Prince extolled the virtues of Ali Syed and praised Ali's support and advice to the BIC.
He also made the comment that he hoped Ali would "deliver on his promise" - we presume he meant Ali would come up with the sponsorship money.
Well, since then Keith Johnson has won two court cases in Bahrain against Ali, and Ali has been ordered to pay back the fees taken from Mr Johnson as well as over US$ two million in court costs. And it would seem that Ali has failed to deliver on his promise to the Crown Prince also - how embarrassing for the Royal family. All this PR and no money from Ali. Or has the Royal family finally been awakened by the truth about Ali Syed and cut him off. How do we assume either position? Simple really, just visit the Bahrain International Circuit's website and there is no longer any mention of WGA or Ali Syed as a sponsor - gone but without fanfare. Something has caused this disappearance from the sponsor's list. Probably another broken promise from Ali himself, who looked rather uncomfortable in the press conference on YouTube above. Perhaps he knew what was coming, but it seems the Crown Prince didn't.

Update: February 10, 2012. It appears we are wrong. The WGA Supercar events were held at the Bahrain International Circut as planned. See link. Despite the visit to the Public Prosecutor in Bahrain by Mr Johnson and Mr Bryce, The fraudster Ali Syed seems to be 'untouchable' in Bahrain and continues on his merry way happily spending the millions he has scammed from Australian companies. It is particularly nauseating that the Australian Supercars are running in races paid for by the blatant misappropriation of money from Australian companies. To see pictures of our Holdens on the BIC website link above is really rubbing salt into the wounds of those individual Aussies who have been ruined by Ali Syed and his WGA fraud company.
Ali's shares in Racing Santander frozen
Jan 19, 2012: Ali Syed's controlling shares in ailing Spanish football club Racing Santander have been frozen by a Madrid court in an action taken by previous owner James Montalvo and his company Dumviro Ventures. (See press.) This follows numerous failure on Ali's behalf to honour his contractual obligations to, firsty Montalvo, and secondly, the debt-ridden club itself. Ever since the smiling financial assasin took over last January, the club has gone down hill rapidly and now faces relegation to the lower league ranks and possible bankruptcy.
Court Case set for April 2.
February 8, 2012: The Court of First Instance No 55 in Madrid is set to decide the ownership of Racing Santander in a trial scheduled for April 2. The former owner Dumviro Ventures, a company owned by James Montalvo, was to be paid by WGA and Ali Syed some 15 million Euros for an 80% stake in Racing. Montalvo has not been paid the full amount, but the shares were transferred prior to full settlement.  Ali has also failed to pay the club's debts in full, and despite numerous public statements made by Ali that he had transferred payment to the players, those payments never materialised. The club is now under bankruptcy proceedings, the former board and its president are out, and the new board consisting of two Ali Syed representatives (see below), is now also defunct. See Report.
Ali's New Lawyer - Horst Weber
December 21, 2011:
If Horst Weber
(below) thinks he has found a new and affluent client to pay his law firm lots of big fees, he'd better think again. Weber would be well advised to contact any of a large number of past firms who worked for Ali and never got paid. Unless he has already been paid up-front by Ali, he is a total fool to think that he will ever be paid.


And if he has been paid up-front, then we wonder what else he has been paid. Obvious questions about money held in trust for Ali arise – is he holding what could be regarded as ‘stolen’ money. The whole matter of Weber acting for Ali in Spain and appearing at the recent Racing Santander board meeting as Ali’s proxy, raises serious questions about Weber’s judgment and involvement with Ali from way back. Weber served as a legal advisor to Credit Suisse before recently forming his Vogel Weber law firm in Zurich. So we wonder if and just how much Weber has been involved with Ali’s fraud. Given the benefit of that doubt, why would an apparently successful lawyer want to act for a criminal like Ali in his commercial dealings is a mystery. He should contact, among others, Hill and Knowlton (owed over $500,000), Global Consultants srl of Torino, Italy (Claudio Loiodice - $500,000), or even closer to home, Joss Windlin of Zwicky Windlin Law in Zurich, and numerous others who Ali cons into working for him and never pays the bill! If Weber would like some more names or contact details, we will be more than happy to provide them. Meantime, maybe he'd better re-think his involvement with Ali. Everyone, and by that we mean everyone, who has ever tried to do business with this little egomaniac cheat, has lost the lot! Weber will be no exception.


Ali registers new company in Bahrain!   BDO files registration.
November 29, 2011: Ali Syed is at it again, and this time with his old auditor Jawad from BDO. Thanks to our 'spy' inside WGA, we have received confirmation that Ali has registered a new 'holding company' in Bahrain, "WGA HOLDINGS BSC CLOSED". The registration dated November 28, 2011, was filed by BDO Bahrain by Jawad himself, the very man who supposedly distanced himself and his company from WGA last year after the publishing of the false WGA Annual Return, which was used to sustain the scamming of millions from clients in Australia and elsewhere around the world. BDO's filing of this new registration illustrates that BDO Bahrain and Jawad cannot be trusted and brings into question the whole matter of them apparently resigning last year.
And just what is the purpose of WGA HOLDINGS? Is Ali getting ready to start up this new company because he knows that Western Gulf Advisory BSC will get wound up? Is he preparing himself to shift assets, or for this new company in Bahrain to be able to shift funds to and from his hidden accounts overseas? Whatever his reasons, we now all know about it and there will be people now keeping an eye on things.
November 24, 2011: Ahsan Ali Syed's WGA has been declared bankrupt in an Amsterdam Court. According to an article in Holland's newsagency, "De Pers", Ali Syed's scam company has been wound up, the presitigous building (right next door to the Mayor of Amsterdam's residence) that was rented for some EU450,000 per year has been vacated and the staff evicted. The petitioner(s) for the bankruptcy action have not yet been disclosed, but one would imagine that if the action was brought privately by a commercial creditor then the petitioner would surely have been disclosed to the press by now. That only leaves action by some government enforcement or regulatory authority, one which may have been able to have the petitioner's name remain confidential. Perhaps this is linked to the much publicised Interpol investigation of Ali Syed, or the fact that he faces criminal charges in Bahrain on December 26.(See below). Or it could be the result of the New Zealand's Serious Fraud Office investigation. All we know is that there are several agencies across the globe now looking closely at Ali Syed (and his remaining staff) and it appears his days of scamming everyone are quickly catching up to him. We know from very recent correspondence from one of his last 'faithful' employees, that those working in Amsterdam were recently sent to Bahrain, where Ali continues to control them. We also know that Ali himself has been warning staff that their correspondence will finish up being handed to Wikifrauds. Well, at least he got that right. He can hardly think that all these people he has scammed millions from in Australia would just sit back and say or do nothing. If he is in some trouble with the law now, he should be aware that it's only the beginning and that more bad news is on the way. And that's on the 'official' front. Hints have been made to Wikifrauds that one aggrieved party, led by Adyl Khiribidekov and Sergei Sonkin, may be looking to resolve matters in a more customary Russian manner.

November 2011: Ahsan Ali Syed is to face criminal charges of fraud in the Bahrain Criminal Court on December 26. Wikifrauds has received confirmation of the charges, and the date, as a result of Keith Johnson's two victories in matters heard by the Bahrain Chamber For Dispute Resolution, which ordered WGA to repay US$3,627,000.00 plus interest at 10%, in case number 16/2011, and found Johnson Property Group had no case to answer in case number 9/2011 in which ALi and WGA had sued Johnson for defamation damages.And now Ali's Netherlands-based company is the subkect of bankruptcy proceedings. Life is catching up with this meglomaniac thief.
October 22, 2011:
Ahsan Ali Syed is officially under investigation by Interpol. Reports from the Deccan Chronicle have disclosed that Interpol investigators are now tracing Ali's background and activities in India, and have been interviewing a number of people who have made earlier complaints to authorities alleging various frauds by Ali. Whether this is part of a larger Interpol investigation centered in Europe or not is uncertain, but the fact that it is Interpol investigating and not the local Indian Police, suggests that it is exactly what Interpol does - investigates matters of an international nature, so this is not just a local Indian concern.

We do know that complaints to authorities have been made in Bahrain and Switzerland, and we also know that Swiss money laundering monitors have been looking into WGA’s affairs also. The genesis of this investigation could also be the results of one of two current civil and criminal complaints – Keith Johnson’s matter in the Bahrain courts or the NZ firm McNabb’s matter being run in Switzerland. Or it could be at the Swiss or Bahraini authorities own instigation. In any event, the numerous other Australian victims are now preparing affidavits to hand over to Interpol to support and expand the current investigation. It doesn’t matter how smart Ali is or has been, when these affidavits get to Interpol, he will be in even more serious trouble than he is now. And unlike in Bahrain where he has allegedly been bribing officials in various places, he will not be able to buy himself out of this one.

 See:   Deccan Chronicle article     NBR article
WGA SETS EYES ON BRAZIL Sep 21, 2011: Not satisfied with wreaking havoc in Australasia, Europe and elsewhere, Ali now has his evil greedy eyes on Brazil. The Brazil Real Estate and Land Investors Network on Linkedin now carries an advertisement from WGA inviting loan proposals to be sent to Haji@westerngulfadvisory.com  at WGA. The advertising suggests all the usual panorama of loans and equity available from WGA across a vast array of target industries. This is a new posting on Linkedin dated yesterday. Brazil Real Estate and Land Investors Network Our thanks for this tip go to an interested observer from the UK.

This is not the first time WGA has been linked to Brazil. Wikifrauds was advised some months ago that there were a number of victims already existing in Brazil, but we are yet to identify them. If anyone has any information about any of these possible victims, please encourage them to contact us in confidence.

ALI LOSES THE JET!   ALI's PERSONAL PRIDE AND JOY IS GONE. The jet, a Bombardier Challenger worth around US$10 million, has been repossessed. Things are getting so bad for Ali that we are starting to feel sorry for him - not.  A paranoid ego maniac like Ali will try to tell people that he is buying another jet - in fact it is believed that is exactly what his Australian lawyer John Mulally has told at least one client (victim) when asked about earlier rumours that Ali had sold the plane.

The information below also confirms that Ali has interests in the Bahamas, something we have believed for a long time. Maybe that's where a lot of his money has been hidden. But of course, the WGA website still shows the jet, just like it still shows all Ali's glorious days with Racing Santander. The man has no shame, no idea of truth, no conscience and is a consumate liar and a shoddy little common thief.

Earlier registration details below clearly show this plane, registered number M-ALII, as belonging to Western Gulf Assets. It is now owned by Credit Suisse*
                           Previous Search  See details (Item 330)                                Current Search    See details (Item330)
Mark                           M-ALII                                                                                              
Date Registered           23 December 2010
Manufacturer                Bombardier Inc.                                                                                 Bombardier Inc.
Type                           CL-600-2B16 (604 Variant)                                                                  CL-600-2B16 (604 Variant)
Serial Number              5494                                                                                                 5494
Mode S Code              43E893                                                                                              43E893
Registered Owner        Western Gulf Assets Limited                                                             Credit Suisse AG                                                       
The Bahamas Financial Centre,                                                            Paraplatz 8, 8001, Zurich, Switzerland                     
                                  Shirley and Charlotte Streets                                                               
                                  PO Box N-3023, Nassau, Bahamas                                                      Switzerland 
Previous Registration   HB-JRN                                                                                              Previous Registration   HB-JRN
* We are about to ask some curly questions about Credit Suisse and the bank's knowledge of and complicity with Ali's dealings. And there will be another other big name in European banking circles who we will also question. . . . . . Watch this space.
September 10, 2011: Ahsan Ali-Syed continues to be a hot-topic in Cantabria. Fingers are being pointed by regional functionaries and club directors as to who was at fault to turning a blind eye while bringing in Ali-Syed to the President´s box at Racing Santander. Javier López Marcano, ex-counselor of Sport for Cantabria, foots the blame squarely on Francisco Pernía for introducing the Indian tycoon to the director´s box at El Sardinero. Meantime, original owner of Racing, James Montalvo, has officially launched legal proceedings for the recovery of shares from Ali Syed, who has failed to make payments for the ownership of his shares and who will not reply to any attempts to contact him.

In Racing Santander's first match program for the new season there was an article on the club's future. It quoted the following in the first paragraph: "The future, which is the present, requires the eradication of WGA/Ali Ahsan Syed's situation as chief share holder, due to non-fulfilment of the contracts drawn up between them and the other two parties in the sale of shares (Dumviro-Montalvo- and the Government of Cantabria).These two parties have to undertake the actions granted to them by law and the contracts formalized with WGA." All WGA signs around the ground and scoreboard have been removed.
Hill and Knowlton Victims also.
August 27, 2011: 
New information received today indicates that, contrary to our earlier comments relating to giant PR firm Hill and Knowlton, they have themelves been duped by Ali Syed. When, after several months of acting for Ali, their fees had not been paid, Vice President Terrence Billings personally went to Bahrain to meet with Ali to discuss this matter. We understand that Mr Billings was left 'stranded' there for a week or so and that Ali refused to see him. It is believed that WGA owe H&K some hundreds of thousands of dollars in unpaid service fees and expenses. Nothing was too good for Ali, who insisted that Mr Billings and the President of H&K personally attended Ali whilst he was in Spain organising the aquisition of Racing Santander, which has subsequently turned into a fiasco of comic-opera proportions. There really is no end to the deceptions that Ali Syed, undoubtedly the worlds greatest liar since Hitler, will go to.
Hill and Knowlton take legal action:
Sep 3, 2011:  In an exclusive release by prominent on-line agency, Cantabrio Diario, Hill and Knowlton's vice President Terrence Billings has confirmed that the giant PR company has taken legal action to recover unpaid fees and costs. The news agency article confirms our advice above that Mr Billings went to Bahrain recently but Ali Syed refused to receive him. It is understood that the debt incurred by WGA to H&K could be over EU500,000. _____________________________________________________________________________________________________________________
Our good friend, Ahsan Ali Syed, has continued his lies - this time to respected journalist, David Lopez of Vanity Fair.
In a personal interview with David Lopez of Spain's Vanity Fair magazine, Ali has told some of his most blatant lies yet given to the press. In the in-depth interview conducted in late July and published on August 18, Ali has told David Lopez that if he even had ten clients in Australia he would "cut his own throat". He didn't know that Lopez had a list of twelve clients in Australia before they sat down for what was apparently sometimes a tense discussion.
Ali just can't help himself. Unaware that Lopez had armed himself with verified information given to him directly by at least three victims in Australia and a list of victims Wikifrauds provided to the journalist, Ali proceeded to tell his story about these clients, and it was a complete contradiction of the facts and the documented evidence provided by the victims themselves. This arrogant and blatent criminal didn't realise that Wikifrauds and the Australians had been supplying Lopez with documented facts - copies of agreements signed, and copies of emails and correspondence clearly showing Ali's promises to refund the massive up-front fees he scammed out of these clients with misreprentation and false information, and he walked into the trap with outright proveable lies.
Interested readers looking to see the full English translation of the complete article should click here. For the original article including photos, click here.
BDO Bahrain refuse to clear themselves
August 20, 2011:
Last week Wikifrauds emailed Mr Jawad Habib of BDO Bahrain and requested dialogue about the role his company played in supporting WGA with the two published Annual Reports which were supplied to new clients in Ali's quest for up-front fees.
These two reports, which were signed off by BDO Bahrain, are clearly misleading at best and have played a vital part in unsuspecting clients losing millions of dollars.  Perhaps now we have published this information, BDO might wish to contact us and present readers with their side of the story. Then again maybe not - Jawad Habib and Ahsan Ali Syed are both members of Bahrain's elite Capital Club.
Indeed, Jawad is one of the govenors of the club.

August10, 2011: The New Zealand National Business Review has today confirmed that New Zealand's Serious Fraud Office is now investigating Ali Syed and WGA. This is as a result of the McNabb Group filing official complaints relating to the fraud by Ali involving some US$750,000 in up-front fees paid to WGA for yet another loan that never materialised, and those fees remain in Ali's hands despite legitimate requests for their return.

Private investigator and barrister Mark van Leewarden is working on behalf of NZ Mint principal Gary McNabb, who says he lost $US750,000 paid to WGA in upfront fees for a $US50 million loan that never arrived. Mr van Leewarden has successfully frozen the Swiss bank accounts of WGA , and yesterday met with the Serious Fraud Office’s general manager of fraud detection and intelligence, Rhys Metcalfe, in a bid to spur along a criminal investigation, and Wikifrauds was last night requested to supply Ali Syed's current passport number (Z-1888182 - India ) for the Serious Fraud Office, so it is obvious that they will be pursuing matters.  Mr van Leewarden says he is asking the SFO to activate agreements under Section 51 of their governing legislation allowing the transfer of information between similar enforcement agencies in Australia and Switzerland. Read More  (For those who do not subscribe to the NBR, email us for the full article by Matt Nippert)

Wikifrauds is also able to confirm that the Australian Victims Group has contacted Mr Daniel Tewlin, the "State Attorney 1" of the Canton of Zurich seeking prosecution of Ali Syed, Omer Khan, and the staff of WGA, and that similar actions are underway in Bahrain.
Happening now! Ali and Ashish Gupta lie to reporter and victim alike!

August 8, 2011: Victim exposes Ali’s delaying tactics. This is happening right now.

One of the more than a dozen victims has provided Wikifrauds with a series of emails over the last few weeks relating to his efforts to have his fees refunded. Wikifrauds can produce similar stories from a further ten clients who have equally been delayed in this same manner – the story is uniform and shows that Ali simply grabs the fees and then refuses to repay them when properly asked to do so.

Not only do Ali and his henchmen frustrate clients at every turn with all these false and unnecessary documents, but Ali lies about it to the press. In an interview to be published in Vanity Fair’s next Spanish edition, Ali told investigative reporter David Lopez that he was refunding this client’s fees. He also told other blatant lies, such as that he only had six clients in Australia, when we can clearly identify at least fourteen, eleven of who have joined together as a group to take appropriate action.

This client, who for commercially sensitive reasons wishes to remain un-named, has been trying to recover his up-front fees since before February this year, following the signing of the Advisory Agreement over a year ago in July 2010. All he ever signed was the Advisory Agreement, which clearly stated that if a loan was not proceeded with for any reason, the fees were fully refundable. There is no provision for any further agreements to be entered into if a refund is requested, but this client has been told to supply numerous affidavits and “deeds of release” to obtain his refund. One such requirement in fact was a newly invented “novation agreement” which if signed, would have taken away all the rights under the original advisory agreement, and left the client with no legal remedies whatsoever.

Wikifrauds has copies of all these ‘delaying’ documents, as well as the emails from WGA which tell the story themselves. It is quite clear that this client, who has done nothing but ask for his refund as per the agreement, is being left to hang out and dry by Ali, who has displayed no intention at all to refund the money, despite his advisory agreement clearly stating the undertaking to return fees as shown below. Wikifrauds has a copy of this client’s agreement signed by both the client and Omer Khan, CFO of WGA. This is the infamous and totally disregarded clause of the Advisory Agreement:

Clause 6.7 Absolute Undertaking to return Commitment Fees

                  The Advisory undertakes absolutely and unconditionally to return

                  The Commitment Fees and the Services Charges for Insurance to the  

                  Company promptly and without any deduction whatever if the Loan Facility

                  is not provided to the Company or if this Agreement is terminated before the 

                  Loan Facility is provided to the Company. This clause is paramount and 

                  applies notwithstanding anything else in this Agreement.

The emails available here are pasted from the originals, the only alterations are the replacement of the client’s name at his request. We have replaced the client’s real name with “Mr Smith”. We have even left spelling mistakes untouched. The really  explosive emails are the last two - one in which Ashish Gupta stated that the client's refund had been  processed, and another almost imediately afterwards trying to recall the earlier email.  Obviously a furious Ali, caught in the lies,  has blasted Ashish for sending the first email stating that the refund had been processed, when quite clearly it had not been.

Wikifrauds was first alerted by this client on February 16 2011, only a few days after first publishing the Website. The very first email to us is pasted below, and tells a very disturbing story:

Dear Sir / Madam,
I have read through your web page dedicated to WGA and what you describe in terms of process and culture of dealing with genuine companies either corporate or privately owned is 100% correct. You are accurate with the upfront funding amounts for both Loan Registration, Due Diligence and Insurance however you have omitted one component of the process which is where the larger sums of money come in to play and this is Financial Gurantee Insurance. This is offered once the loan is rejected and is 3.6% of the loan amount. WGA will say that there will be a 99% chance of funding if the FGI monies are paid up front. WGA will not provide any details in relation to the FGI policy until it is in place and paid for so no comparison can be made with other underwriters and for those seeking to lend effectively have no idea what they are even signing up for. There is no option to seek a Letter of Offer subject to FGI monies being deposited as it is WGA policy to get the money upfront.
The brokers they use as a vehicle for introduction I believe get a spotters fee and if the someone like my self struggles to fund the Due Diligence Fee and Loan Registration Fee they will put in in contact with a broker who can help. In my instance the broker wanted A$5k up front in order to source a loan based at 12% p.a and after paying that fee told us it had failed however there was another lender prepared to fund at 82% p.a interest. This broker also claimed to know WGA and that 100% of applicants had recieved funding which is nothing short of a lie and once can only assume he too is in on the scam.
I need to remain tight lipped about our dealings as we have monies due back to us which cant be jeopardised. I look forward to reading further installments.   

”MR SMITH”  . . . real name withheld.  Read all the emails over the last week or so.

August 12 Update: No more emails from WGA to this client since we published this matter. The only contact since then was a phone call to the client from Gupta asking the client for some patience while they processed the refund - a total contradiction to the previous emails stating they had already done so. Patience! How much patience can one person have after the endless lies and delays heading towards a year!

August 16 Update: Still no more emails to the client, and no phone calls. It seems that Syed and Gupta and all the other thieves are not happy that this correspondence has been published. Particularly the lie from Gupta that the transfer had been done and they were just waiting for the bank advice to send to the client. Simple explanation - they lied again. They never stop telling lies, none of them! Pure evil filthy liars.

September 13, 2011:
One of WGA's scammed Australian victims informed us today that after many days of trying to get Ashish Gupta on the phone, WGA finally answered their telephone and a woman, whose voice was unfamiliar, said that Ashish wasn't in. On being asked when he would be in the office, the woman finally said he no longer worked there. The client then asked to speak to Ali himself, who has been avoiding his calls also. He was told that Ali was not in the office either. He left the usual message to have his call returned, but does not expect that Ali will even be polite enough to do that. This is the same client who was earlier told by Ashish that his loan had been processed by the bank. The same client Ali told Vanity Fair journalist David Lopez that his fees would be refunded.

August 29, 2011: It seems that the latest person assigned by Ali to fend-off clients looking for refunds, has also fallen foul of his paranoid master. Emails sent over the last few days (see below) have been ‘bounced’ back to the sender, our “Mr Smith”, and the reason is that the email address for Ashish has been deleted by WGA themselves. Telephone calls by the client to WGA last week were answered by a female staffer who told the client that Ashish was ‘on leave.’ HERE'S THE EMAIL TO WIKIFRAUDS YESTERDAY:
"Ashish not in the office again having been out of the office last week and there is no indication when he will be back in the office. Now his email is bouncing per the message below. 
From: postmaster@wga.net
To: Smith@hotmail.com
Date: Sun, 28 Aug 2011 13:28:40 +0300
Subject: Undeliverable: FW: SMITH - PAYMENT UPDATE
Delivery has failed to these recipients or groups:
Ashish WGA (ashish@westerngulfadvisory.com)
The e-mail address you entered couldn't be found. Please check the recipient's e-mail address and try to resend the message. If the problem continues, please contact your helpdesk.

Diagnostic information for administrators:
Generating server: wga.net
#550 5.1.1 RESOLVER.ADR.RecipNotFound; not found ##
Original message headers:

--Forwarded Message Attachment--
From: Smith@hotmail.com
To: ashish@westerngulfadvisory.com
CC: ali@westerngulfadvisory.com; arun@westerngulfadvisory.com
Date: Sun, 28 Aug 2011 20:55:37 +1030

Resent Resent


From: smith@hotmail.com
To: ashish@westerngulfadvisory.com
CC: arun@westerngulfadvisory.com; ali@westerngulfadvisory.com
Date: Sun, 28 Aug 2011 20:53:52 +1030

Dear Ashish,
Can you please update what is happening with our payment. 

  ALI, YOU THIEF,  . . . THIS MAN JUST WANTS HIS MONEY RETURNED LIKE YOU HAVE PROMISED!  AND JUST LIKE YOU TOLD DAVID LOPEZ YOU WOULD DO!________________________________________________________________________________________________________________________________________

WGA"s Swiss Accounts also frozen, Police to investigate.
July 26, 2011: News just released By The National Business Review's Matt Nippert, reveal that Ali Syed's WGA AG accounts held at Credit Suisse and UBS have now also been frozen, and that Ali is facing investigation on criminal fraud complaints brought to the Swiss and Bahrain authorities by a newly-revealed victim, Gary McNabb of McNabb Property Group. McNabb's company paid over $NZ1.1 Million in fees for a loan which never settled, and his request for the return of those fees has been rebuffed by Ali.

Mr Nippert has been running an on-going investigation into WGA's activities in New Zealand, and his hands-on assistance to Wikifrauds has been invaluable in exposing the sheer depth and extent of Ali Syed's frauds.
The following is the article from the NZ Business Review:
Kiwi firm freezes WGA's Swiss accounts over missing loan, plans SFO complaint   (SFO is the Serious Fraud Squad in NZ)
Matt Nippert | Tuesday July 26, 2011
A New Zealand businessman stung by Western Gulf Advisory will refer the lender to the Serious Fraud Office, having successfully frozen the Swiss assets of the dubious lender.
Gary McNabb, best known as the man behind New Zealand Mint, confirmed to the National Business Review that he had paid $US750,000 in December to WGA in return for a promised $US50 million loan that never arrived.
Mr McNabb was firm in his conviction WGA was an elaborate scam that used sophisticated PR and an opulent office in Bahrain to give it a veneer of respectability and said he wanted to "shut down a very clever fraudster."
Mr McNabb had a strong message for Terry Serepisos, the troubled Wellington developer who still publicly backs WGA: "Give it up, it's a fraud. You're dreaming."
After NBR began critical reporting of WGA's activities in February, Mr McNabb demanded the refund of his $US750,000 in fees but was rebuffed.
NBR was the first media outlet to raise concerns about the lending practice of WGA.
A six-month investigation has gathered considerable evidence suggesting the loan scam has netted hundreds of millions of dollars from victims in New Zealand, Australia, German and Russia.
Mr McNabb said that in March he hired private investigator and barrister Mark van Leewarden, who coordinated an aggressive campaign against WGA.
The bank freeze of WGA's accounts in Switzerland with Credit Suisse and UBS in early May caused international ructions with WGA subsequently defaulting on the purchase of Spanish La Liga team Racing Santander.
Mr van Leewarden has also laid a criminal complaint of fraud with the Swiss attorney-general. "That means there's a criminal complaint on foot that overlays the freezing of the Swiss account," Mr van Leewarden, the principal of Warden Consulting, said.
Mr McNabb and Mr van Leewarden said they would be laying a complaint about WGA with the Serious Fraud Office and hoped the agency would activate cross-jurisdictional mutual legal request agreements to aid the investigation in Switzerland.
Mr McNabb said his pursuit of WGA so far cost him $100,000 and he expected his final bill to double as he sought to bring criminal proceedings against WGA founder Ahsan Ali Syed.
The soured deal was brokered by Luxembourg and Auckland-based former banker Daniel Hunt, who is also the connector for Mr Serepisos and WGA.
Mr Serepisos, facing bankruptcy proceedings, is understood to still be "keeping the faith" with WGA.
Middleman role questioned
Middleman Mr Hunt, who approached Mr McNabb in August suggesting WGA as a financier, also came in for criticism from Mr McNabb.
"We relied on him as an agent, and he seemed credible. I don't distrust him, I think he's also a victim in all this, but he didn't do his due diligence that we relied on," Mr McNabb said.
Mr McNabb confirmed Mr Hunt had been paid fees for his services coordinating business with WGA and said he stood to gain a $1 million commission if the loan had arrived.
Mr Hunt told NBR in April he worked as an employee for Mr Serepisos and denied a wider relationship with WGA: “I have no relationship with Western Gulf,” he said.
Aside from Mr Serepisos and Mr McNabb, NBR has obtained documents and correspondence confirming Mr Hunt has connected at least one other party – a Russian consortium – with WGA.
NBR understands the Russian party has been unsuccessfully agitating for a refund of its up-front fees paid to WGA.
Auckland lawyer Kerry Knight told the NBR in March Mr Hunt had persuaded him to travel to Bahrain to meet with WGA in May 2010.
Mr Knight said he pulled out of negotiations with WGA and told Mr Hunt he suspected the business was was a scam. "And there were a lot of reasons why it was a con, and not many on the other side. But he [Mr Hunt] still firmly believed it,” Mr Knight said.
Mr Serepisos is facing bankruptcy proceedings brought by South Canterbury Finance and Canterbury Mortgage Trust. The next hearing is scheduled for August 15 in the High Court in Wellington.
In previous court appearances over unpaid bills, Mr Serepisos has stated in evidence he expected to satisfy creditors with his WGA loan.
As recently as last week Mr Serepisos told the Dominion Post he was "very, very, very confident" that WGA would deliver.
Loan for property
Mr McNabb is the director and 100% shareholder of high-profile bullion and collectable coin firm New Zealand Mint. The company has said its collectible coin business earned $20 million in revenue in 2009.
Mr McNabb was keen to stress the planned WGA loan was to his property vehicle McNabb Group Properties – separate from New Zealand Mint – and the funding was intended to finance a $30 milliion hotel development in Auckland and the mooted – but stalled – $20 million tourism venture Waihi Gold Discovery Centre.
The Discovery Centre was mooted in 2007 and has attracted $3 million of New Zealand Trade and Enterprise and Hauraki District Council funding with NZ Mint to provide the bulk of financing.
The Council's 2011/2012 annual plan notes the project has run into troubled waters associated with the global financial crisis and “alternative development funding” was being sought.
WGA under siege
Today’s revelations appear to signal the end is near for WGA, after Australian victim Keith Johnson secured a similar freezing order in May against the organisation in Bahrain.
Mr McNabb is the third confirmed New Zealand victim of WGA. Mr Serepisos’s long-promised $US100 million loan has never arrived despite up-front fees being paid, and troubled farmer Allan Crafar told NBR in March he lost £27,000
Mr Ali is reportedly subject to arrest if he returns to his native India after accusations he ran a smaller-scale version of his loan scam in Hyderabad 10 years ago.
The high-profile purchase of Racing Santander by WGA in February has also run off the cliff with players and staff of the club threatening to sue over unpaid wages.

Defaults on payments promised by WGA and Mr Ali led the club to file for bankruptcy protection earlier this month to buy time for restructuring and to find a new owner.
Matt Nippert | Reporter        Press Release from McNabb Property Group

On another front, Vanity Fair's David Lopez has recently interviewed Ali and his article will be published shortly. Keep an eye out for it.
ALI LOSES TWO COURT BATTLES IN BAHRAIN! A third looms even larger.
Sep 12, 2011: The Bahrain Chamber for Dispute Resolution last week handed down its rulings in both matters described below.
1. In the matter of WGA and Ali Syed vs Keith Johnson, in an action for damages for defamation against Johnson, the court found against Ali and dismissed the action against Johnson.
2. In the matter of Keith Johnson (JPG) vs WGA and Ali Syed, the court found in favour of Johnson and ordered the immediate repayment of fees to JPG. This is no small finding against Ali. he has been ordered to repay Keith Johnson's JPG company over USD2.6 million plus interest, and to pay the Chamber 970,000 Bahraini Dinars - about USD 2.6 milion. See Judgement.
This might potentially be an empty victory for JPG as advice on the state of Alis Bahrain bank accounts at the time they were frozen back in June, revealed that those accounts held less than US$5,000. However, it presumeably also means that the way is now clear for Johnson's team to discover where all the money went, and to open the way to bankrupt Ali and seize any Bahrain held assets for re-sale. It should also open the way for access to any other banks held by Ali in other places, including those held in Switzerland. we know and have evidence that money initially sent to Bahrain was transferred to Ali's account at Credit Suisse - in fact here are some of WGA account numbers:
          Credit Suisse, Zurich,Switzerland:            0835-1455977-82-4  and  0835-1455977-82-3  Swift Code CRESCHZZ80A,
                   IBAN Number CH89 0483 5145 5977 8200 3 (A trace order will reveal where the money went from here)
          Ahli United Bank BSC, Bahrain:   0016-553444-001 (This is the account now beleived to hold less that US$5,000, yet we have customer deposit   
          details into this account of well over US$7 Million before all transactions went direct to Credit Suisse)

3. In separate matters now to be heard in Bahrain's criminal courts, Ali has been summonsed to appear on a date to be fixed to answer charges of fraud. The court is currently backlogged with other criminal actions resulting from the social unrest in tat country earleir this year, but nevertheles, criminal proceedings are underway against Ali.
Credit Suisse and others have questions needing answers: Did Credit Suisse ever check the provenance of Ali's money? Who at Credit Suisse introduced Ali to Racing Santander? With all the adverse publicity building against Ali and WGA at that time, why didn't Credit Suisse check Ali's credentials before providing a Letter of Credit to Racing Santander's owners? Will Credit Suisse cooperate in the Johnson matter, or the McNabb matter, and will they voluntarily cooperate with other investigations currently on foot? Why are other bankers such as Banque Heritage in Switzerland keeping quiet about their involvemnet with Ali Syed, and how much money is 'parked' there? Will they cooperate as investigations move forward? (they approached us to see what we knew!) Why has Credit Suisse among others, including the Abu Dhabi Commercial Bank in the UAE, been consistent frequent visitors, almost daily, to this website - hundreds of visits? These banks know plenty about Ali but so far are keeping quiet. The time will come when complete disclosure will be ordered by the appropriate authority. In these troublesome days of terror funding and money laundering, they will have no option. And with Ali's dubious connections to very suspect people already in jail in India, who knows just how much facilitaion the bankers have provided to Ali for the movement of hundred's of millions of dollars in what is in reality stolen money.
Aussie battler wins hands down!
June 18, 2011: From an advice from Keith Johnson's lawyer in Bahrain, and forwarded to us a only a few hours ago, we can confirm today that the accounts and assets of WGA in Bahrain have been frozen. This is a major breakthrough in the exposing of Ali Syed and his fraud company WGA.

There are two separate cases before the courts in Bahrain. The first is an action for damages against Keith Johnson brought by Ali
and announced with much fanfare by the fraudster himself. The second is Keith Johnson's action against WGA.
This first case will fail for two reasons. Firstly, Ali
himself has failed to meet deadlines set by the Bahrain Chamber for Dispute Resolution for WGA to lodge documentary evidence of losses sustained by WGA as a result of Keith Johnson going on public record in Australia and calling Ali a fraudster.
The second
reason that Ali's action will fail is because of the outcome of the second case, that is the case brought by Keith Johnson against Ali's WGA, a case that has seen Johnson come out the winner with orders from the court detailed below.
The only outcome we do not know at this stage is just how much money, other people's money, is still left in Ali's Bahrain accounts. We will know this on Monday.
Following Mr Johnson's phone call to us this morning, we have contacted a large number of Ali's victims in Australia. There will be a train of similar claims for Keith's lawyer to handle in coming days. Let's hope for everyone's case that the cupboard will not be bare.

Footnote: Ali's private jet was last seen near Sussex, England. Is he running already, or is the plane being re-located back to the Isle of Man for sale?
Pasted below is the confirming email to Keith Johnson from his lawyer in Bahrain:
----- Original Message -----
From: Keith Johnson
To: John - WGA Investigator
Sent: Saturday, June 18, 2011 8:38 AM
Subject: Fwd: BCDR Case 16/2011
Sent from my iPhone
Begin forwarded message:
From: "Keith Johnson" <keith.johnson@jpg.net.au>
To: "Kate McClymont" <KMcClymont@smh.com.au>
Subject: Fwd: BCDR Case 16/2011 [
Sent from my iPhone
Begin forwarded message:
From: "Keith Johnson" <keith.johnson@jpg.net.au<mailto:keith.johnson@jpg.net.au>>
To: "Zana Mills" <zana.mills@jpg.net.au<mailto:zana.mills@jpg.net.au>>
Subject: Fwd: BCDR Case 16/2011
Don't. Know if u got this it come 2 my hunch mail thur nite just saw it
Sent from my iPhone
Begin forwarded message:

From: "Keith Johnson" <keith.johnson@jpg.net.au>
Subject: Fwd: BCDR Case 16/2011
Begin forwarded message:

From: "Nezar Raees" <nraees@nezarraees.com>
To: "Keith Johnson"
Subject: BCDR Case 16/2011

Dear Mr Johnson,
I trust this email finds you well.
I note that we have successfully obtained the following orders against Western Gulf Advisory today:

-          Attachment order on all properties registered in Bahrain in the name of WGA;
-          Attachment order on all shares owned by WGA in any other company in Bahrain (including publicly listed companies).
-          Freezing order on all bank accounts to the extent of the amounts claimed.

The court did not grant us the traveling ban as there were no claims made against Ehsan Ali Syed in the proceedings.

With the above injunctions in place, WGA will find it impossible to deal with its bank accounts and will note be able to sell or deal in any shares it owns in any company in Bahrain (including any dividends relating thereto).

Kind regards,
[bg temp btm.jpg]<http://www.nezarraees.com/>__________________________________________________________________________________________________________
June 24, 2011:
In an article published today in New Zealand National Business Review, reporter Matt Nippert revealed that "inside sources" from WGA confirmed that WGA had never settled any deals. The article went on:
One former WGA staffer, who said she could not be named because of a draconian confidentiality agreement stipulating $US1 million in penalties, told NBR the source believed the loan business was a scam.

“I am not aware of any loan that has been settled. Even after Irish firm McCabe Builders announced its agreement with WGA in late 2009, both John McCabe senior and junior were flying in to see Ali on a frequent basis – always with a desperate expression in their faces.”
    According to Irish news reports last month, McCabe did not receive its loan. The whistleblower said about 15 new clients would visit WGA’s office each month, mostly from Australia but also Germany and Russia.
The NBR has a subscription pay wall. If any readers of Wikifrauds would like to read this article in full, contact us and we will email the article.
June 8, 2011: From "marca.com":

The black stage of Syed Ali Indian owner of the Racing seems to come to an end. The club Santander is a very serious situation, as explained yesterday its president, Francisco Pernia, and its CEO, Roberto Bedoya, who appeared before reporters for three hours.

"There are three ways to solve this issue: first, unlikely that the largest shareholder Syed Ali to keep its promises, and second, it sells the shares to a new owner, and third that the Government of Cantabria verified by a credit of 6 or 7 million for liquidity and thus meet the urgent payments "was the analysis of the situation by Bedoya.

The club is threatened to enter bankruptcy if it does not solve the financial problems within two months. Owes money to the players, Finance, suppliers and Social Security in an amount of about 20 million.

The two leaders are clear, finally, that the promises were false, Syed Ali, as repeatedly stated in this newspaper and other media. Ali Bedoya expected to disappear from the club. "There can be in a controlling shareholder Racing in these conditions, so that the former owners and the Government of Cantabria should jointly take legal action against Syed Ali for their violations and recover the shares in the club," said management.  Read Marca.com article in full.

June 9, 2011:  "Syed False Promises" reads the headline "Racing Indian owner has not paid the money required to save the debt and the policy pursued since leaving"
Racing Santander is in a huge mess of debt and unpaid deadlines to the Government, the previous owners, and the players. All because Ali cannot keep his promises. Having missed a scheduled payment due on June 8, the club has now officially given him until June 21 or it will seek action to recover the shares, which are in Ali's name but not paid for, in the Madrid Courts.
June 3, 2011: "Syed Ali teased us all"
was the cry from the new coach of Racing Santander, Marcelino Garcia Toral, as he announced that he was leavng the club after just four months.
"Ali does not fulfill promises everything and anything, is someone who can not be trusted," said Marcelino, for whom now the racing is in a "difficult situation and helplessness, but not ruin."  Marcelino has explained that, after repeated "tricks" and breaches of Indian businessman Syed Ali and following the Seville disclose that he was chosen to train the Andalusian team, had only two choices: go home or take an "opportunity unique that you could not miss. "   Read Marca full article.


June 1, 2011: The President of the Spanish Autonomous State of Cantabria, Miguel Angel Revilla, has personally labelled Ali Syed as a "compulsive liar".
and added that "he will not meet the commitments". Revilla was speaking with Journalists about Racing Santander's future when he at last accepted what we at Wikifrauds told the world what would happen way back in February when we first got started!
June 2, 2011: Revilla has added to his description of Ali yesterday as a compuslive liar, by today calling him a "thug" in a Cantabrian radio interview.

June 1 2011: The former owner of Racing Santander Football Club, James Montalvo, has announced that he is taking court action against Ahsan Ali Syed for his failure to perform his part in the original contract which saw Ali gain control of the club. Simply put - Ali has not paid for his shares. The exposure announcement has been carried in the Cantabrian press and on Spanish television.
Is there no end to this rotten thief? Surely the world now knows that everything he touches is a sham, he has never kept a promise, his contract agreements are never adhered to, and he continues to brazenly refuse to refund up-front fees to Australian victims when they have legitimately requested them to be returned because the promised loans were never settled. The man is just a plain thief without any conscience whatsoever. His continual lies and deceptions are endless. 
Government forces Racing Santander to apply for voluntary administration.
July 7, 2011: Britain's On-Line football news, "A Different League", today reported that the Cantabrian Government has forced Racing Santander to apply for voluntary administration. Read more. Wikifrauds unhappily predicted all this sad saga way back in February when we first heard Ali was buying the club.
August 5, 2011: Like the Scarlet Pimpernell- here one day, gone the next, back again the next day? Omer Khan is once again back on the website but still not appearing at the office, and Ali himself has told Vanity Fair's David Lopez that all his troubles were to blame on Omer! Keep an eye out for the next issue of vanity Fair Spanish Edition.
May 28: Omer Khan has seemingly disappeared. We understand that a number of people have tried to contact him with no result. We have been hearing constant talk that he has left, and now his profile on Linkedin has been removed also. It is our understanding that all matters that Omer handled are now under the control of Arun, their 'in-house so-called legal' man. And Ali has now become chairman of the Bahrain Daily Tribune! It seems that he can fool a lot of people for a short time, but then so did Bernie Madoff. Ali would do well to remember the sticky end for the last crooked media mogul - Robert Maxwell. Maxwell's body was found floating in the Atlantic in 1991. With Ali, it will be more like the Persian Gulf. We can only hope, but not until his victims are repaid.
IMPORTANT MESSAGE TO OMER KHAN Many people have been trying to call you Omer, and nobody can get through, even your mobile is now being answered by others, and when asked if you are still there, some have been told "I can't say".
If you have left WGA then we need to talk about offering you protection and security and other things if you agree to help us stop your former boss in his tracks. There are many who will support you if you assist us, so please make contact. It is not too late to save yourself from the fate that awaits Ali Syed. Please contact investigator1@wikifrauds.net or Philip Marlowe. We will provide you with a secure phone number if you wish.
June 18, 2011: We are now hearing that Omer Khan is still holding hands with Ali Syed back at WGA headquarters in Bahrain. With a new child on the way, you would think that most young fathers would be looking for a safe and secure future. It's not too late for Omer. He should flee Ali and seek some protection and immunity in exchange for evidence, or his future with his young family will turn very sad indeed, with nobody left to look after them.
Omer Khan has definitely gone!
July 5, 2011: We now have confirmation that Omer Khan has indeed left WGA. The ultimate confirmation is that he no longer appears on the WGA website at all, as though he was never there. Indeed, we have further confirmation, as quoted in the email below from an informant whose previous information has always proven correct:
"I'm also told that Omer Khan did not leave on good terms. Omer is one person who could expose Ali and WGA and therefore I assume Ali will tread carefully when dealing with the matter. Have you had any success contacting Omer? I understand his wife recently gave birth and he is still in Bahrain. Ali is blaming Omer for all the failed loans."
This information is also confirmed by several "clients" of WGA who have been trying to contact Omer, and who have been told that he is "no longer available".
Ali NO LONGER the chairman of the Bahrain Daily Tribune.
June 8, 2011:
As mentioned above, the Bahrain Daily Tribune published an article on May 22 stating that Ali Syed had been appointed chairman of that newspaper. Their website at that time contained large WGA banners on the top of every page. It is now reported by the larger alternative English newspaper in Bahrain, the Gulf Daily News, that his chairmanship offer has been revoked. And the Tribune's website no longer carries the WGA banners. Seems the Tribune had a wake-up call. The Gulf Daily News also carries commentary about yesterday's Bloomberg report and other matters exposing Ali's activities. Just as in Spain, Ali's credentials are now being questioned in Bahrain itself, and his claims to have close ties to the royal family must be an embarrassment to them. It can only be a matter of time before all support for Ali in Bahrain is evaporated, and he will be forced out - or in jail. We understand that there are criminal charges being prepared relating to WGA's fraudulent activities in setting up clients for the Swiss arm,WGA AG in Zug.
June 18, 2011: Wikifrauds has been contacted by an intended victim of Ali's latest scam that his telemarketers are trying to run in Germany. There seems no end to Ali's outrageous plans to scam anyone and everyone he can get hold of. However, in this case, the intended victim was a German Judge who saw through it immediately and forwarded the emails and proposals from Ju-Young Lee, a Korean underling in Ali's gang in Zug. The plan basically is that WGA, for a fee, will list companies under a POI on the Korean Stock Exchange. Young Lee claims direct access to the president of the exchange and clearly implies that they can achieve the desired results, but stating a minimum capital requirement of USD$20 million. Lee also offered the learned Judge a commission deal if the Judge could bring other companies to the table.
This discerning judge from Germany's Penal Court, Mr Stefan Leibold, advised Wikifrauds of this new scam by email last night, and has kindly permitted us to publish the correspondence in several emails, pasted below:

Email 1 from Mr Leibold:
please find a Mail from WGA below. I visited the WGA Zug- office once to see what is behind the facade. I confirm . it is rather small and on the back side of a residential building.
They contacted us. We looked for equity investment into our company. They offered loans with pre payment of a fee. They also offered to pay a finder's fee if we act as intermediary. We refrained to do business with them. Now they try it again, with a new idea.
Mit freundlichen Grüßen
Stefan Leibold
Managing Partner
Agroyield GmbH
Schubartstrasse 17
74321 Bietigheim-Bissingen
Tel.: +49 7142 3781 167
Mobile: +49 172 169 3615
Fax: +49 7142 33109
Then follows the email fron Ju-Young Lee:
>Dear Mr. Stefan
>How are you? We exchaged emails last time. I hope you remember me.
>I have a relationship with Korean stock exchange.
>I suggest through IPO in Korean Stock exchage the company raise capital around minimum 20 million USD. As I am Korean and I have connection with Korean Exchange I can work on IPO with respect to legal affair.
>The Korean Stock Excahge encourages foreign companies to list if the company meets conditions
>Through this job you and I can some comission .
>If you are interested please reply me.
>Best Regards
>Ju-young,Lee Financial Analyst
>Western Gulf Advisory AG
>Baarerstrasse 82 Zug
>Tel: +41 41790 9909
>Fax: +41 41790 9910
Email 2 from Mr Leibold:  Dear Sir,
I do not have any problem being quoted on your web-site. I am a lay judge at a German penal court. So I have a contact with fraudsters sometimes and I consider the fight against them as a duty. In a former Email Ju Young also suggested to me to introduce loan applicants to them and offered a finder's fee for that. I strongly declined and explained him, that it is not our philosophy to pay , or get paid prior to the pay out of a loan. All this was surprising any way , because initially they contacted us, and we (Mr Leibold's private interests "Agroyield ") need only equity , not a loan.
Email 3 from Mr Leibold:
Dear ------, please find the complete exchange of Emails below , as well as some attachments. As confirmed, no problem using the information on your web- site.
Mit freundlichen Grüßen
Stefan Leibold
Managing Partner
This email contained another set of email exchanges from Ju-Young Lee, at WGA to his Honour the Judge (obviously WGa did not realise they were dealing with a judge of the German Legal system!) The judfge kindly also attached a number of documents purportedly from the Korean Stock Exchange outlining procedure for a POI.and how to move things forward - for a fee of course! The following is the exchange of emails:
>From: ju young
>Sent: Friday, June 17, 2011 12:17 PM
>To: Stefan Leibold
>Subject: RE: Capital Raising through IPO‏
>Dear Mr. Stefan
>I attached IPO condition. If your company or IPO wishing company should meet the condition.
>Please read carefully. The file describes minimum business operation years, minimum paid-in-capital, required IPO examine time, fee.
>If the company meets the condition, I am going to send company profile including financial statement to Korean exchange manager.
>He can personally examine if the company can go for IPO or not.
>If he says personal positive opinion. We can go for officially IPO. I write necessary step below.
>1. Auditing company such as, KPMG Korea, PWC Korea, Deloitte Korea does due dilligence on company financial statement.
>2. And Korean investment banks does a pricing valuation.
>3. Korean stock excahnge examines IPO
>Best Regards
>Ju-young,Lee Financial Analyst
>Western Gulf Advisory AG
>Baarerstrasse 82 Zug
>Tel: +41 41790 9909
>Fax: +41 41790 9910
>From: Stefan Leibold [leibold@agroyield.com]
>Sent: Thursday, June 16, 2011 7:22 PM
>To: ju young
>Subject: Re: Capital Raising through IPO‏

>Dear Ju-young Lee,
>thank you for your idea.
>As always the problems are in the details.
>The bottle neck for an IPO in Korea in our view is whether ther is an investment bank , that is willing to provide a placing guarantee and acting as a lead manager of the issue.
>Without a placing guarantee from a solid bank in Korea, we are not interested, because we would commit fees with a big risk of losing them.
>So, if you bring a bank, who can act as a lead manager with a placing guantee, we are happy to discuss the issue.
>Kind Regards
>Mit freundlichen Grüßen
>Stefan Leibold
>Managing Partner
>Agroyield GmbH
>Schubartstrasse 17
>74321 Bietigheim-Bissingen
>Tel.: +49 7142 3781 167
>Mobile: +49 172 169 3615
>Fax: +49 7142 33109
>Email: leibold@agroyield.com
>Sitz der Gesellschaft: Stuttgart
>HRB: 725189, AG Stuttgart
>Steuernummer: 93140/30001
>USt-IdNr.: DE261939052
>-----Ursprüngliche Nachricht-----
>Von: "ju young" <ju.young@westerngulfadvisory.com>
>Gesendet: 16.06.2011 15:07:30
>An: "Stefan Leibold" <leibold@agroyield.com>
>Betreff: Capital Raising through IPO‏
>>Dear Mr. Stefan
>>How are you? We exchaged emails last time. I hope you remember me.
>>I have a relationship with Korean stock exchange.
>>I suggest through IPO in Korean Stock exchage the company raise capital around minimum 20 million USD. As I am Korean and I have connection with Korean Exchange I can work on IPO with respect to legal affair.
>>The Korean Stock Excahge encourages foreign companies to list if the company meets conditions
>>Through this job you and I can some comission .
>>If you are interested please reply me.
>>Best Regards
>>Ju-young,Lee Financial Analyst
>>Western Gulf Advisory AG
>>Baarerstrasse 82 Zug
>>Tel: +41 41790 9909
>>Fax: +41 41790 9910
Ali's Korean Scam planner abuses the German Judge
June 20, 2011: The following is an email from Judge Leibold to Wikifrauds. It is self-explanatory. Just who does this impudent man, Ju-Young Lee think he is. He has the temerity to telephone the good judge and insult him for blowing the whistle! He probably had Ali sitting right on him when he made the call! We know that nobody working for Ali, who is a control freak in the office, would dare to make a move without instruction and supervision from the chief scammer himself:
"Hi XXX,
to keep you up dated:
1) Mr. XXXXX contacted me, thank for that.
2) Ju Young lee (the guy from WGA) called me:
a) the Korea issue was all his personal idea (but of course with the WGA email signature)
b) he will be sacked therfore by WGA - and I am a mean German because I disclosed the mail.
c) I adviced him to cooperate with you as long as he is inside the company. his phone nr. is: 0041 41 7909909
d) he is desperate to find a new job and wants his name to be deleted from the web site.
Mit freundlichen Grüßen
Stefan Leibold
Managing Partner"
Another new victim disclosed in Australia
May 17, 2011:
One of Austrailia's largest fertiliser groups has fallen prey to WGA and Ahsan Ali Syed. The Australian this morning has published this article:

ONE of Australia's biggest fertiliser importers and sellers has become the latest company to go into administration after Switzerland's Western Gulf Advisory failed to deliver on financing.

WGA, which has been accused of taking millions of dollars from Australian companies in upfront fees for loans, is understood to have committed late last year to provide loans to the Interfert and Megafert fertiliser companies owned by South Australian businessmen Peter Evans and John Simper.

But the funding was not delivered on, leading the companies to appoint KordaMentha yesterday as administrators.

"The board decided to place the trading entities of the group in voluntary administration after it became apparent that an overseas provider of executed banking arrangements was unable to meet its commitment to Interfert and Megafert," Mr Evans and Mr Simper said in a statement issued by KordaMentha.

Johnson Property Group, a large private land developer in NSW, went into administration last month after reportedly paying $3.8 million in fees to WGA for a deal that didn't eventuate.

In March, The Australian reported the operators of Australia's biggest irrigator, Queensland's Cubbie Group, had paid about $3m in fees to WGA in the middle of last year.

WGA is run by Indian-born Ahsan Ali Syed, who bought Spanish soccer club Santander Racing in January.

In March, WGA denied allegations of fraud in a post on its website: "Western Gulf Advisory Asset and Wealth Management, Western Gulf Advisory AG based in Zug, Switzerland, and their founder and president Mr Ahsan Ali Syed strongly refute allegations about their businesses being propagated by the fraudsters. The source of these serious allegations is known. They are manifestly false and defamatory."

The failure of the finance to come through for Megafert and Interfert was the last straw in a battle to ward off administrators. The companies, which import and distribute about 10 per cent of southeast Australia's fertiliser, owe creditors, including the tax office, $25M.

                                                                See full article in The Australian


Having failed to keep numerous promises and contract obligations in his takeover of Spanish football club, Racing Santander, Ali Syed now faces yet another payment deadline. Turns out that he has not actually paid the previous owner for his shares! He has been given until May 22 to pay owner Jaques De Montalvo or Montalvo will launch legal action. Just how many empty promises can this swindler keep making!
see: http://racing.eldiariomontanes.es/noticias/2011-05-18/club-esperan-mister-acuda-20110518.html
This follows a string of broken commitments and the use of a fake money transfer document used to convince the players that their overdue salary had been paid!
Having blatantly violated his obligations, Ali has now also truly alienated the players themselves. The team met on Friday May 20 an announced its decision to sue the Racing Santander Club itself to recover payments of over EU1.7 Million. (see article)
The article quotes:  Then the new owner of the club, Indian businessman Syed Ali Ahsan, had repeatedly violated its commitments to satisfy the debt of 1.7 million euros that keeps the club with Toño, Coltorti, Pinillos, Torrejón, Christian, Colsa, Diop, Lacen, Serrano, Arana and Munitis." ______________________________________________________________________________________________________________________
Summary of the situation:
May 2, 2011:  A summary of where the whole scam is situated right now:

1. The first verified victim are the Malaysians. US$4.25 Million handed over to Ali in January 2008 - gone, and no loan or refund.
2. Ali announced the opening of a WGA office in Malaysia - it never happened.
3. Ali released press articles of loans he claimed were settled or about to be settled in Australia in 2010. (These releases are in the References page) Not one single deal he publicised was ever settled. The clients are all still waiting for their fees and costs to be repaid. Some didn't even make it to the loan contract stage, and have requested a simple return of fees as guaranteed under the WGA Advisory Agreement. They have all been promised repeatedly that they will get their money back, but none have! And Ali is still as recently as last week trying to hang onto their money by making new offers of equity or new promises of settlement. None buy it, they just want their money back and Ali simply won't give it back. He also claimed in a press release that WGA were to open an office in Australia in September 2010 - that never happened either. That year also saw his Australian PR firm Jackson Wells, quit - firstly because Ali failed to provide verifiable proof of his loan dealings, and secondly because he had not, and still hasn't, paid their bill.
4. The Blackburn Rovers deal never happened. That club did enough due diligence to cause it to pull out of the deal.
5. The Racing Santander football club has now been left without promised funding. The players have not been paid as promised three times by Ali in person. They were even shown supposed bank documents showing the money transfers, yet it never arrived. They were obviously fake documents from WGA's computer artists. The club has now had to borrow 'outside' funds to remain solvent.
6. The government of Cantabria has given Ali until May 5 to pay the next tax installment, which is now overdue anyway. If Ali fails to do this they will call up his Credit Suisse Guarantee. Don't be surprised if that turns out to be either a fake, or for some other reason, no longer valid.
7. Ali is trying to sue Keith Johnson both in Bahrain and The Netherlands, for defamation. This is just another ploy to hang onto Johnson's $3.26 Million.
8. Ali's first auditors, BDO Bahrain, quit last October.
9. Ali's Swiss Lawyers, Zwicky Lindlin, quit in March 2011
10. Ali's new auditors, KPMG, quit last week.
11. Ali's head of security quit last week, and is preparing a dossier or brief of information for the Swiss Police.
12. Despite much publicity, and even a letter from WGA presented to the High Court of New Zealand last March, Ali failed to pay his promised funds to Terry Serepisos, who looks to be in serious financial trouble right now, despite his own public statements.
13. PR Firm Hill & Knowlton quit.
14. Ali's jet is listed for sale on Jetmaster Corporations website.
There are many other milestones in Ali's dealings that all point directly to this being a fast-collapsing Nigerian style Ponzi Scheme. The above FACTS should on their own be sufficient to stop anyone else from ever being caught, and encourage some others who are living in a fairyland of hope to realise the truth - they will never get their loans settled, and they will never get their money back! Never!
15. Now we have the latest Australian company collapsing because Ali failed to honour his contract. See Item.
16. Wikifrauds know the details of a further dozen companies also stuck with promised loans and no refunds. It is only a matter of time before they all take collective action.
17. May 20: The Racing Club's players now take legal action.
18. May 24: Terry Serepisos, Ali's "friend", fails to obtain loan as promised by Ali, and bankruptcy proceedings continue.

                                                Time is running out for Ali. Sadly, time has already run out for his numerous victims.
Hill and Knowlton Finally quit also!
Well after Wikifrauds had warned Hill and Knowlton about their relationship with WGA, it seems they too have have realised that they have been dealing with and publicising a fraudulent operation. In breaking news from NZ, the global PR company has announced it's resignation as WGA's public relations firm. This will be for either or both of two reasons. One, they have discovered or accepted at last that Ali Syed is a crook and a fraud, or two, WGA hasn't paid their fees.
National Business Review
May 10, 2011
Shady lender loses PR sheen
By Matt Nippert

Troubled and controversial lender Western Gulf Advisory has suffered another blow to its credibility with its PR representatives dropping it as a client.

Terrence Billing, a member of global PR outfit Hill & Knowlton, said its relationship with WGA and its founder Ahsan Ali Syed was “suspended.”

The news of Hill & Knowlton’s exit comes as WGA defaulted on debt owed in Spain <http://www.nbr.co.nz/article/wga-defaults-spain-mn-p-92601>  and Wellington developer Terry Serepisos awaits the long-delayed delivery of a $US100 million loan.

Mr Billing said in a statement: “Hill & Knowlton has suspended its representation of Western Gulf Advisory B.S.C, Mr Ahsan Ali Syed and other companies in his WGA group while we seek to resolve a number of issues with them.”

He did not elaborate on these “issues” but WGA had a turbulent relationship with Australian PR firms over unpaid fees and unsubstantiated claims of funding.

Mr Billing told The National Business Review in March that WGA was solvent and dismissed reports of financial difficulties: “There are absolutely no cashflow problems within the WGA Group of companies,” Mr Billing said.

Aside from complaints from borrowers over unfulfilled loans and unrefunded fees, WGA has come under criticism by players and staff of football club Racing Santander over bounced cheques and unpaid salaries.

This week Bloomberg reported WGA had defaulted on payments required under the terms of his takeover of Spanish football club Racing Santander.

Bad PR

WGA also experienced “issues” last year with PR firms in Australia.

The Australian reported  <http://www.theaustralian.com.au/news/features/in-pursuit-of-a-global-fee-for-all/story-e6frg6z6-1226015208677> the lender contracted Sydney firm Jackson Wells to establish a presence across the ditch but relations had soured by August.

John Wells, the founding partner of Jackson Wells, said: “We had asked the company to substantiate [the truth of] a number of announcements it had made through the media relating to the funding of projects in Australia.”

After no substantiation was forthcoming, the relationship was terminated, Mr Well said. He added WGA owed his firm a “substantial amount” in unpaid fees.

The Australian also reported <http://www.theaustralian.com.au/news/nation/scam-lender-wanted-pr-spin/story-e6frg6nf-1226015206574>  WGA frontwoman Robyn Schneller approached Cannings, another Australian PR firm, seeking to arrange an urgent media announcement that WGA had plenty of cash available to lend and  would be “taking on the big four banks.”

After due diligence, Cannings turned the job down.

Robyn Schneller convinced New Zealand farmer Allan Crafar <http://www.nbr.co.nz/article/allan-crafar-drawn-wga-scandal-mn-p-87518>  to pay $27,000 in fees and fly to Bahrain to meet Mr Ali.

Ms Schneller is also believed to have convinced another New Zealand client to pay money to WGA. That client recently contracted a private detective <http://www.nbr.co.nz/article/former-police-officer-probing-wga-92419>  to investigate the borrower.

Matt Nippert | Reporter

McCabe deal proves to be another lie from Ali Syed and Western Gulf Advisory
The following is from The Sunday Business Post On Line, dated May 8, 2011 by Gavin Daly.

McCabe Builders, one of the country’s biggest building firms, has said it is confident the National Asset Management Agency (Nama) will support its business plans, despite the firm losing almost €90 million in two years. After a €60 million writedown on its work-in-progress and investments, the firm made a loss of €73.5 million in the 12 months to the end of August 2009, according to new figures. In the previous financial year, McCabe Builders lost more than €16 million.

Despite the collapse of the property sector, turnover at J&M McCabe Properties, the main holding company, rose by €4 million to €98.3 million in the 2008/09 financial year. The firm reduced its bank debt to €159million during the year, down from €200 million in 2008. The directors of the company noted that its borrowings had been transferred to Nama and said the support of the state agency was ‘‘a key assumption’’ underlining its ability to continue to trade.

‘‘The directors are confident that, following negotiations with Nama, the group’s business plans will be approved and that support will enable the group to trade through the current difficult market conditions," according to the accounts, which were signed on March 23.

The firm is owned by John and Mary McCabe and has been active mainly in the greater Dublin area. Its projects included the Abingdon housing estate in Malahide in north Dublin, as well as hotels, office blocks and commercial units. It has also completed a number of public projects, including the Heritage Centre in the Phoenix Park.

Despite the write-down in the value of the assets, the directors of the company said their properties were well-located and were ‘‘likely to be early beneficiaries of a recovery in the market’’ in the future.

‘‘The directors are confident that a positive market sentiment will return in the next number of years," they said.

Last July, the firm said it had agreed a debt-for-equity swap with Western Gulf Advisory (WGA), a Swiss-based investment fund. WGA was given an option to acquire a 50 per cent stake in McCabe Builders and was to take on its debts. WGA was also to provide £40 million for the firm to complete projects in Britain. However, last November, the company stopped work on a number of sites in London as it waited for Nama to approve its funding proposals.

The company did not return calls for comment last week. The new accounts show that Anglo Irish Bank had a number of charges over company assets.

Bank of Ireland had a charge over the assets of McCabe Builders and McCabe Builders (Dublin), as well as letters of guarantee signed by the directors.

The four directors of McCabe Builders shared €1.2 million in pay and pension contributions in the August 2009 financial year, on top of almost €965,000 the previous year. The firm had 105 staff, down from 154, and its wage bill was halved to €5.4 million.
Government Moves  on Ali's Guarantee.
May 6, 2011

The Government of the Cantabria today moved to call up the Credit Suisse Bank Guarantee provided by Ali Syed when he took a controlling shareholding in Racing Santander football Club in Spain in February. Last Friday April 29, Francesco Marcano, Minister for Culture, Tourism and Sport, formerly warned WGA and Ali Syed that the debts due under the contract with both the Government of Cantabria and the previous owner of the club, James Montalvo, had to be paid by May 5.

The deadline came and went with not a word from Ali, and not a cent in debt repayment. No explanation - nothing. A demand has been made on the Bank Guarantee which effectively means that Credit Suisse must make good and pay the money due within three days. And the previous owner, who has not been paid for his shares, is now looking at legal remedies to have his shares returned.

Surprise surprise! Another failure by Ali to honour anything he has ever undertaken, but this time, unlike with his victims in Australia who are blackmailed into silence, everyone in Spain now knows that this is all a sham and that Ali is just an immoral cheat and liar. (Read Article in Spanish Press)
Alis Jet For Sale!
Ali is definitely running out of money. His much-vaunted private jet is availble for sale and is listed for sale on the "Jetcraft Corporation" website but with no named
price - "make an Offer". Same serial number as detailed below. This history is available from a number of registries.
The aircraft was built in 2001, the serial number is 5494 The first owner was a German company and it was registered in The Netherlands under registration number D-ANKE. It was then sold to a Swiss company for use as an air ambulance, and its registration number was then changed to HB-JRN. Ali purchased it in late 2010 and it was registered in the Isle of Man by Western Gulf Assets. The registration was then changed to M-ALII in a stroke of narcissism by the ego driven Ali. It is currently on the MANX register under that name.
Ali's bodyguard  turns against him!
Upon arriving to Santander, Ali Syed was always seen next to his head bodyguard, Italian Claudio Loiodice. He appeared several times in the media, because he was involved in a fight with the Spanish Police, for which he was charged with assault. http://www.eldiariomontanes.es/v/20110217/cantabria/tribunales/fiscalia-pide-ocho-meses-20110217.html
Since the failed sale of Racing to the Bahrani Royalty, Ali has seemingly turned his back on Loiodice, who has now spoken to the media:
http://racing.eldiariomontanes.es/noticias/2011-04-30/tambien-siento-enganado-20110430.html (translation below)
"Ali has cheated on me too"
 "I want to make clear that, if he really is a fraudster, and this will be determined by the judge, he is the best in the world. But maybe the most stupid too, because his bluffing has lasted for just two months, apparently with no economic profits. I wonder what his final goal was. I don't think it was Racing. It had to be something much more profitable". That is one of the latest paragraphs of a press note sent to this newspaper by Claudio Loiodice, Ali's former security manager.
"My services to Ali gradually decreased after the match against Real Madrid, and our professional relationship came to an end after meeting him on 26th March in Manama", says Ali's former "shadow". From Italy he is on the alert for the events and claims to be preparing a dossier that "will be examined by the lawyers and eventually handed in to the Swiss Attorney".
Will Ali face the pending payments? "I doubt it". Loiodice is clear about the fact that his old boss counted on "more powerful partners". Ali himself talked to him about his links with the Bahreini Royal Family, even though he finds it strange for people of this level to be behind his immoral behaviour. The Italian exempts the local politicians from responsibilities and indicates that (Racing president) Pernía acted unthinkingly but honestly.

On the other hand, the Cantabrian Goverment, previous owner of half the shares, has given Ali a deadline. He must pay 1.5m € before 5th May or else they will contact Credit Suisse and execute the guarantees, with which Ali will lose control of Racing.

(Translation by courtesy of es wikipedia)
April 28, 2011: Wikifrauds have been advised by a usually reliable source that on April 26, KPMG have resigned as auditors for Western Gulf Advisory AG in Zug, Switzerland.
KPMG were only appointed in December 2010, following the resignation of BDO a few months earlier due to "irregularities" and other matters relating to the WGA 2010 Annual report.
Zwicky Lindlin Lawyers in Zug also resigned in February this year.
We wonder how long it will take Credit Suisse to join the exodus and get some distance between them and the world's worst fraudster in many years. Continuing to support Ali can not be good for this bank.
The following is pasted from the website "Moneyhouse":
Western Gulf Advisory AG, train, CH-, Aktiengesellschaft (SHAB No 222 of 15.11.2010, p. 20, Publ 5,894,366). [deleted: According to statement by the Board of Directors of 04.09.2008, the Company is under no regular audit and dispense with a limited audit ].
People newly registered or mutating: KPMG AG (CH-, in train, auditors.

The Guardian had this to say about Ali on April 26:
Rather than a shed-load of cash, Racing's owner Ahsan Ali Syed has left a trail of broken promises. And his team are suffering.

As the president of Cantabria, Miguel-Angel Revilla, said, mostly it was funny. Ali was "a maniac". As a fan but not officially the president he was not, strictly speaking, bound by protocol. Besides, he had bought the club, he could do whatever he felt like. Bought the club? No. Saved it. Racing had to pay the tax authorities and were in debt. Not a huge debt by Spanish football standards, at around €14m (£12.5m), but they needed a solution; he had bought them out, investing almost €3.5m. The local edition of the sports newspaper AS splashed its cover with a huge: "Ali the saviour!"

Racing were 16th and in trouble when he took over. He sacked Miguel-Angel Portugal and brought in Marcelino, the coach who miraculously took them to the Uefa Cup in 2007. They had beaten Sevilla and Getafe and drawn 2-2 with Villarreal, climbing as high as 12th. That was just the start. Racing were going to be big. Ali's initial cautious discourse soon gave way to something much more dramatic. He talked about a third power, ready to challenge Madrid and Barcelona. An Indian who flies around in a plane with his name on the side, he was going to spend big. They even let him off the heinous crime of not eating ham, giggling indulgently as they noted how this billionaire eats hamburgers and nothing else. The reason was simple: "That Hindu bloke has his pockets full of cash," a beaming Revilla said.

Only it seems he didn't. Or if he did, he wasn't ready to dip his hands into them again. That was back in February. A month and a half later, the club say the money has dried up – and so have the results. The same newspaper that called him Ali the saviour is now asking if he is in fact Ali Baba. Revilla says he's not sure he trusts him. The accusations that were made about him in England when he tried to buy Blackburn Rovers, accusations that pointed at unpaid council tax, have now been noted. However lawyers representing Western Gulf Advisory-AG insist: "There is no basis for the suggestion that Mr Ali had a questionable track record in business and a 'colourful financial history'," and say the allegations are "false and misleading".

Rather than a shed-load of money, they say he has left a trail of broken promises and embarrassing excuses. Now, he's nowhere to be seen. He doesn't even have anyone running the club for him: Racing have the same president and same staff they always did – only now their power is limited. With every passing day, the mask slips. The players joke that the first time they saw Ali he was impeccably dressed, complete with cravat and carefully cultivated creases; the second, a little less so; and the third, even worse. "The day he turns up here in Pull & Bear," they say, "we're really screwed."

They're pretty screwed already. When Ali took over at Racing, he paid €1.4m to Spain's tax authorities, an amount that needs to be stumped up every other month until more than €13m is repaid. €1.5m went on owning the club, roughly €750,000 each to the local government and the majority shareholder. €450,000 went to paying staff and players for February. €350,000 was paid to Credit Suisse for overseeing the purchase. In total, he is estimated to have spent €3.5m on the operation. And every time he comes to watch Racing play, flying in on his private jet, it costs him somewhere in the region of €70,000. So he has certainly put money in to the club, saving them from legal intervention.

But they say it's what he hasn't paid that worries them now, the promises: the €50m he talked about for transfers and the next instalment for the taxman. This month, Racing's long-standing director general, saying he was unable to get hold of the owner and still less his cash, had to seek a loan elsewhere to satisfy the €1.4m debt.

And then there are the players. Racing's squad have had their monthly allowance, but the actual salary – paid in a single chunk after the season – is a different matter. Despite a guarantee that means the Liga Nacional de Fútbol Profesional protects the payments, players are fearful. After all, they are still waiting for last year's. Last season, 11 players were owed a total of €1.7m by Racing; the figures were small, seven of them in the region of little more than €40,000, but still there is concern. Not least because of which players are affected. Eleven players with a commitment to the club, players such as Gonzalo Colsa, Pedro Munitis and Pedro Pinillos, who were persuaded to hang fire and wait by Pernía; players who bit their tongue, who did not denounce the situation. When Ali Sayed took over, they were told the wait was over. The cheque is in the post.

It seems it wasn't. They say the first promise came at the club's training ground: the 11 men were told that the payment had been made and would be in their banks any day now. The second was made at Cornellá. Ali came down to the dressing room and admitted that he hadn't made the first payment but he would. The third came an hour and a half before Racing played Levante. Munitis and Pinillos were called up to Pernía's office and told that the money would be with them soon. Ali Syed was not there but, with devastating cheek, he offered a bonus if they beat Levante – Racing's players simply laughed at what seemed like the shamelessness of it. By the fourth, Pernía even showed them the "bank slips".

The money never arrived          See article in full


Our latest forecast of coming events:
April 27, 2011: Spain is in uproar at Ali's behaviour and open refusal to honour his obligations.
In Bahrain, the authorities are taking a very close look at WGA. Reports are coming in to Wikifrauds that the Department of Commerce and Industry have confirmed to certain Australian lawyers acting for a number of complainants, that neither WGA nor Ahsan Ali Syed have ever held any appropriate licences to act as money lenders or financial advisors, or to collect fees for such services.
We are even hearing feedback that the Bahrain authorities have frozen his bank accounts pending investigations into official complaints lodged by a number of companies. And his move to sue Keith Johnson will backfire on Ali in a big way.

We also hear that Ali is preparing to move his entire operation out of Bahrain and into his new offices in Amsterdam, and that he might also be closing his office in Zug, Switzerland. It also appears from documents we have researched that WGA has no licence to deal in loans in Switzerland either. All of which means that the proof of his scam is slowly being uncovered and that he is moving to try to remain one step in front of his large band of aggrieved victims.

We believe that Ali has little or no real significant money left to do anything, and that the Ponzi scheme has collapsed under the weight of his expenses, and that most of the scammed money has been already sent to his "uncles" in India, and he can't get it back. We have been advised by a former employee of WGA that Ali regularly remitted millions to these "uncles", who are in fact his bosses and the original owners of vast sums of black money Ali used as seed capital to start WGA on its infamous road back in the years 2006 - 2008.

Nobody will get any fees refunded - they are long gone. And Ali is now ducking for cover - next stop the Netherlands. A photo of his expensive office in Amsterdam is shown below. For those looking for Ali, he may be found at this address in the near future:

                                                                                    Herengracht 500, Amsterdam
Latest News Page: Headline Another Broken Promise from the "Liar of The Year".
April 27. We asked this question about six days back, before Easter. The news out from Spain seems to have confirmed our thoughts.
Since writing the comment below, it has been confirmed that Ali has no intention of living up to his contracts with Racing Santander, and the whole aquisition has been exposed as a complete sham. The tax bill due has not been paid, and despite Pernia allegedly showing his players documented proof of money transfers, that player payment money still has not arrived. And nor did Ali arrive back in Santander for last weekend's match, much to the relief of officials who were expecting supporter unrest and demonstrations against Ali.
Again, excuse after excuse, and lie upon lie. Ali's trait throughout his life is to promise, make excuses, lie about everything, and NEVER deliver! Not one single time can we find that he has ever kept his word, not one!    See spanish press today:

Here is a translation as close as we can get it:
 Ahsan Ali Syed flees Santander
He paid 3m € and wants to be paid no less than 15. He is not putting in money any more.
Ali Syed had a plan to make profits out of Racing from the very beginning. The Indian businessman buyed the Cantabrian side with an initial investment of 3m €, in order to try and sell it for more than 15m. Ali Syed expected to transfer the club to the Royal Family of Bahrain just after the match between the Cantabrians and Real Madrid.
The current owner of the club had planned to invite the Bahraini tycoons to the royal box of El Sardinero stadium and try to sell them his shares of the entity, as well as its debts. Thus Ali Syed would be no more than a intermediary between the current racinguista managers the and the aforementioned Royal Family.
But the master plan of the Indian tycoon collapsed due to the Persian Gulf uprising that took place those days, which prevented the Royal Family to fly to Spain in the arranged date.
Three months after his takeover, Ali has no intention to spend any more money in Racing. Neither he is going to pay the 1.7m debt the club has with 11 footballers since the last season, nor he is paying the installments he agreed with the Spanish public Treasury.
Furthermore, last Sunday it was foreseen that Ali Syed would come to the match against Málaga, but at the end, making different excuses, he did not travel to Santander, for the relief of all Cantabrian political leaders, who were expecting a hostile reception.
The current owner of Racing excused himself blaming the air traffic, but all seems to indicate that he consciously made the decision not to set foot on Santander due to the recent events. Actually he has fled Santander.
Francisco Pernía intends to travel the following days to Bahrain to directly negotiate the sale of the club with the Royal Family. During this negotiation, Pernía will use Ali Syed as an intermediary and try to alleviate the serious economic situation of the club, which finds itself in need of solutions after all these events.

Players not paid - Again!   Read racing Comments. (use Google translator on browser)
Racing Santander Player payments promised by Ali to be in the player's hands by Thursday April 7, have not arrived. He committed to paying last year's deferred payments by this date, and this is now the second time Ali has made such promises and then failed to keep them.
Ali is blaming the banks of course - which is absolute rubbish.  How the Cantabrians and the players can believe this is beyond imagination. Do they still believe in the tooth fairy also.

It is yet another example of his continued broken promises and absolute lies. The Australian 'clients' of WGA and Ali Syed know only too well that they cannot rely on his word on anything. He has, since early 2009, failed to make payments of millions in loan contracts, and has failed to repay fees and costs to a large number of companies in Australia, New Zealand, the UK and Malaysia. He has contractual obligations to refund loan fees but keeps making excuses and not repaying the money despite his signed agreements. It seems his own signature is as worthless as his words are.

Meanwhile, this strutting psycopathic liar who never speaks a truth, continues to seduce Racing Santander club officials and even the local gullible politicians like Cantabrian President Revilla. If Revilla had any sense of responsibility whatsoever to his electorate, he would make an effort at due diligence and contact the Australian press, or us, or victims like Keith Johnson, and hear for himself the untold stories of lies and broken promises that Ali has perpetrated on so many people in Australia. We invite Revilla to do just that.
Latest feeble excuse to 'Racing'   . . . May 10,  Ali is now blaming 'his bankers'. When questioned on his arrival in Spain last night, Ali blamed his bankers advice for not paying his latest tax installment.  This man's feeble excuses are really running thin with everyone, and the Spanish club, Racing Santander, are getting sick of his lies just as the world is. Who can believe that a supposed multi-billionaire gets told by his bankers not to pay his tax bills.

Even if it is a half truth, then what does this signal to all those companies in Australia who are being stalled in getting their fees refunded? Is the bank telling Ali he hasn’t the permission of the real owners of any money to make any drawdowns, or is Credit Suisse putting the squeeze on Ali also in the wake of the Cantabrian Government calling up their bank guarantee last week.

The wheels have truly fallen off the WGA cart, and it’s skidding in the dust on its axles and grinding to a complete stop.

 See: Eldiariomontanes report. Interesting that the fans now jeer Ali, and his entourage has shrunk - no more hangers-on, and no bodyguard - he can't afford them any more. All the classic and obvious signs of austerity that accompany one running out of money.


Wikifrauds invita a todo jugador, empleado o directivo del Real Racing Club a ofrecernos cualquier información de que disponga para que la publiquemos en nuestra página web. Necesitamos vuestra ayuda para presionar a Ali Syed con el fin de que pague lo que debe o, por lo menos, que explique las razones por las que no ha cumplido hasta la fecha.

Además, nos dirigimos también a cualquier empresario que haya entrado en negociaciones de préstamos con WGA y Ali Syed, y que en este momento esté pensando que puede haber sido engañado, como ha pasado con otros muchos alrededor del mundo. Toda información comercial será tratada con la mayor confidencialidad, si así lo desean.

Marlowe philipmarlowe6265@gmail.com

Als u denkt over het aanvragen van een lening van dit bedrijf, denkopnieuw. Over de hele wereld maar vooral in Australië, zijn ertientallen middelgrote bedrijven die miljoenen mensen in deup-front kosten verloren aan deze frauduleuze bedrijf. Dus als uoverweegt WGA als een bron van fondsen, met het doen van uwdue diligence op de vennootschap, ga dan naar deze site voor een volledig en up-to-date dossier over een van 's werelds grootstemulti-miljoen dollar oplichting nog steeds actief. Een snel bezoekaan wikifrauds.net zal je voorzien van alle redenen om ze tevermijden, de hele geschiedenis, en alle smerige feiten van dezeoplichterij. Deze site zal u toelaten om de site-eigenaar die op hun beurt bieden u de namen van de WGA-client bedrijven in Australië, die miljoenen hebben verloren contact. (Het is momenteel geraamd dat Australische bedrijven hebben overhandigd ergenstussen de $ 40 en $ 60 miljoen voor leningen die nog nooiteventuated.) Je zal zelfs worden voorzien van de namen van desamenzweerders in Australië, met inbegrip van een high-profileSydney Advocaat. Deze informatie bespaart u honderdenduizenden dollars verdwijnen voor eeuwig in de handen van eenarrogante kleine bedrieger in Ashan Ali Syed (boven links) en zijnin staat luitenant, CFO Omer Khan. Twee van de meest getalenteerde leugenaars en fraudeurs van de laatste tien jaar.

Open Challenge to Ali Syed
It is time to re-visit some facts and ask Ali to clearly respond to all these questions. Any journalists reading this should also ask Ali for a direct response, and a truthful one. Not another spin story - we all see through those now. No more disregard to the facts:

We ask that you respond to these questions either directly to us by email, or to the press at large. We will reprint any email you send us in its entirety and without editing of any kind. If you are the true and honest businessman you claim to be, our reading public expect an answer in full to each question.

By the way, we have thousands of website hits per month and a very steady number of repeat visitors who take an ongoing interest in both you and WGA. Steady return visitors to our site include many major press agencies, Australian government bodies, stock exchanges in a number of countries, a number of enforcement agencies here and in the USA, major banks in Spain, Holland, Australia (including the Reserve Bank), New Zealand, the UAE and Bahrain, Credit Suisse branches throughout the world, and a vast array of other financial institutions. They will all be expecting you to reply.
Johnson still waiting on refund
March 31, 2011 Despite Ali's advice to the Wall Street Journal 's David Roman in an article released today, Ahsan Ali has still not returned the promised refund of some USD$3.627 Million, claiming that "WGA rejected Johnson's loan request and the fees will be returned to Johnson as soon as some paperwork is completed."

Ali's two blatant lies are:
  1. "WGA rejected Johnson's loan request." 
  2. " . . . the fees will be returned to Johnson as soon as some paperwork is completed."
The proofs of these downright lies are:
  1. WGA approved the loan request on October 26, 2010. See Approval letter.
  2. All paperwork requested to be completed by WGA to enable the loan fees refund was completed and sent to WGA, as acknowledged in a letter from WGA's Sydney lawyer, John Mulally, on March 18, which states: 

Dear Sir
Western Gulf Advisory and Johnson Property Group
I am instructed to write to you by Western Gulf Advisory in relation to the fee refund.

Western Gulf Advisory instructs me that it had given final instructions for the fee refund but had not received the confirmation, before the current events in Bahrain compelled the closure of all business offices, including the office of Western Gulf Advisory, and the banks in Bahrain.

I am further instructed that as soon as Western Gulf Advisory is able to open its office and resume its normal business operations and receives the confirmation, it will let me know that so that I can, in turn, inform you.

Yours faithfully
John Mulally and Associates. (The letter is signed by John Mulally himself)  See original.

Quite clearly, the troubles in Bahrain have subsided now and business is back to normal. Ali's office is open, and so are the banks. They have both been open for over ten days. Wkifrauds has seen very recent correspondence from WGA which shows that their office is certainly open.

It takes about one hour at any bank to arrange and complete an international transfer, even of this magnitude. So we ask Ali to show us and the world some true justification for not promptly refunding Mr Johnson's money, instead of finding lies and excuses to hold onto it.
          Ali, pay back Mr Johnson immediately and without further excuses, or stand condemned as the fraud you
          are. We will publish the status of this refund daily until you pay it back, and I will personally ensure
          that all the press who have followed your story are kept informed.

Court Proceedings:
Now, instead of repaying Johnson, Ali has sought to avoid his contract obligations and the commitment made above, by making a frivolous claim of defamation and damages against Johnson in the Bahrain Chamber of Dispute Resolution. He hopes to win this case so that he can avoid repayment of his scammed fees altogether. We know however that Johnson will defend this matter and has the support of many Austraian victims. Ali might well be surprised at the outcome. He has never been a good strategist and has now perhaps provided a platform upon which his activities can be fully exposed. That asumes of course that the Chamber finds that it has the jurisdiction to hear such an issue. The question begging an answer is just that matter - how does any Bahraini court have legitimate jurisdiction over an alleged defamation which took place in Australia, and against a company registered in Switzerland where the Advisory Agreement upon which all this rests, was constructed. And the elephant in the room is also the notion of the fairness of the Chamber when compared to normal western court proceedings - are this court's standards as rigorous, balanced and fair as we would all wish?

Ali caught in deliberate lies !
Ahsan Ali Syed has now been caught telling the Spanish press and the rest of the world a complete and deliberate lie, and the truth has been proven by Sydney victim, Mr Keith Johnson. Pasted below are parts of Ali's press release of March12, 2011
Ali's Press Release  (read in full)

According to the information that have been published in several media during the last days, Mr. Ahsan Ali Syed would like to deny the charges in which has been subjected him and his company Western Gulf Advisory, and he wants to clarify this issues:
As Mr. Ali Syed has argued in the exclusive interview published yesterday in the Daily Tribune, he acknowledged that:
 “The accusations are baseless and frivolous. Johnson Property Group (JPG) has approached WGA seeking funds for its project in New South Wales. However, as per our policy,
we offer loans only after getting due diligence reports from an independent agency. They should have some credibility to secure the loan without which not only WGA but no bank would lend (them) money. All prospective clients are asked to conduct due diligence report on our company and only after they are satisfied with our antecedents, will there be scope for further negotiations. When JPG failed to meet the requisite norms set by our company, we decided not to fund them”.

Lie Proven by Keith Johnson in Sydney: courtesy National Business Review, New Zealand.
Australian developer Keith Johnson duped out of $US3.67 million by Western Gulf Advisory has released a cache of documents supporting his argument the company is a sham and said the judge considering the future of Terry Serepisos needs to read them.

Keith Johnson issued his latest attack on WGA after the Swiss-based lender’s founder Ahsan Ali Syed claimed in an interview the Australian's claims were “baseless and frivolous”.

Mr Johnson said: “Many businessmen have been hit by this scam. Many are too scared to come forward fearing the same attack from Mr Ali. He is not stating facts, I have hard evidence to prove this."

Mr Ali claimed that Mr Johnson’s property group “failed to meet the requisite norms set by our company” and had never sent any money to WGA.

Mr Johnson said the documents released, attached below, including bank transfer information and a loan sanction letter approved by WGA’s board, showed Mr Ali up. “What sort of character is he to say those things?”

The developer told NBR the documents he put into the public domain should be required reading for Associate Judge David Gendall who is hearing liquidation action against Terry Serepisos’ companies': “This is what the judge over in New Zealand need to see. They change the dates all the time.”

WGA promised Mr Johnson in October a $US150 million loan attracting an interest rate of only 4.07%, but later claimed in numerous letters they were not in a position to refund $US3.67 million in upfront fees.

A letter from Mr Johnson's lawyer dated February 25 notes: "My client has honoured every commitment it has ever made to your client. Conversely, we cannot think of a single commitment Western Gulf Advisory has made which it has adhered to."

The letter goes on to demand an agreed fee repayment take place by March 1, or Mr Johnson would inform media and regulatory authorities about WGA "and its actions through this whole sorry affair."

While the Australian Federal Police have said they do not have an open investigation into WGA, Mr Johnson said he had recently talked to the NSW fraud squad and would initiate global legal action to wind up WGA if his $US3.67 million in fees were not refunded by Friday.

“We’ll file in Switzerland, Bahrain, wherever we’ve got to go. And wherever he’s got that soccer team - Spain too,” he said.

Wikifrauds has the documents including the loan approval, money transfer details for up-front fees paid to Ali and receipts from Ali. We also have similar details for a further five clients who have never had the loans settled either. The documents will form part of an overall submision to the relevent Police authorities later in the week.

In an added twist, Terry Sereposis has sent his advisorto Bahrain to get his money back. He will probably bump into a whole bunch of Australians reported to have also headed over to see Ali to get their money back, or their loan agreements settled. It's our tip that nobody will succeed in either mission. The Malaysians have been waiting for over two years as documents we have amply illustrate!
Ali's cheque bounces!
Reported in "Marca" March 9 2011, and the Cantrabrian paper "El Mundo"

When Ali fired the former coach of Racing Santander, the coach, Migel Angel was given the first of  five cheques to pay out his contract to June 30.

Surprise Surprise - the cheque bounced! The cheque was drawn on a Portuguese bank and was not honoured due to insufficient funds in the account.

This follows Ali's meeting with the players a few days back wherein he asked that they be patient and wait a little longer for payments due from 2010. Many players have not been paid at all for 2010, yet this prancing saviour with billions at his disposal can't honour cheques and pay the players what they are entitled to. But he's got the money to travel with an entourage and stay in the best hotels, between flitting around Europe in his private Challenger jet.(Sorry, that jet really belongs to his Australian victims - he bought it with their money!)

We are also getting persistent information of Ali purchasing clothing and other goods around Santander, but not actually paying for them. That's the trouble with crooks like Ali, they just can't
help swindling anyone who falls for the spin. Half a chance he hasn't paid his hotel bills either.

Wake-up Spain! This trumped-up little man is just another cheap and flashy con man, and but for a few who see through him, many Cantabrians have fallen for his ruse, including President Rivella, and let's not forget Pernia. Pernia had many meetings in the Gulf before Ali appeared. The truth about those meetings will come out sooner or later. We are wondering if Racing Santander itself had to pay some up-front fees to engage Ali in the first place. And did Pernia's own bank balance improve? These are questions all Cantabrians should be asking.
Sep 26, 2011: Serepisos has finally hit the dust. The New Zealand Herald reports today that the Donald Trump of New Zealand was unable to survive or take his own TV advice on The Apprentice to would-be business people on how to run a successful business. Judge Gendall of the New Zealand High Court granted an application to South Canterbury Finance, owed some $22.5 million, to have Sereposis declared bankrupt. The report also says that Serepisos has been locked out of his office at Century City Headquarters in the ASB Bank Tower in Wellington. He has also lost his Ferrari F430 F1 which was sold at auction on Saturday for $204,500., and creditors have also laid claims on Serepisos's clothes and furniture.Oddly enough, Ahsan Ali Syed, his much vaunted saviour, was not in the court to support Sereposis. Maybe now Serepisos will admit that he has misled everyone since February this year, including himself, in the face of the overwhelming evidence that WGA and Ali are and always have been nothing but criminals.
Sep 23, 2011: Football Federation Australia (FFA) has finally revoked the licence held by Serepisos for Wellington Phoenix.
Reports in the New Zealand Herald today disclose that a new group has been licenced to control and manage the embattled club which had been left struggling to pay its debts by this arrogant property developer, who has continually and publicly chosen to endorse his "friend" Ali Syed. The whole world knows that Ali and his so-called financing outfit, WGA, is nothing but a massive fraud. Yet Serepisos has time after time stated his full confidence in Ali Syed and that his promised loan would be forthcoming. This is despite the fact that his financial advisor, Daniel Hunt, knew that WGA was a sham and has been trying to assist another client (victim) to recover another massive up-front refundable fee paid to Ali. This client, a consortium led by Russian mystery businessmen Adyl Khidirbekov and Sergei Sonkin, has been chasing their refund for at least eight months. At one stage back in June this year, Hunt was attempting to get the Russians to join the Australian victims forum, or so he said. At the same time, he also said that he would get Serepisos to join the group, so he knew way back before then that the whole thing was about to topple over. A defiant Serepisos nevertheless continued to support Ali in public while privately he has been trying to recover his up-front fees also. In our opinion, Serepisos has deliberately misled his numerous creditors and others, including the Inland Revenue Office and FFA, by promising them that his WGA loan would be settled when he well knew that it wouldn't happen. In Australia, continuing to trade when insolvent is an offence punishable by hefty fines and or custodial sentences.

As for Hunt, he has his own massive problems to resolve. His family home, in which only his estranged wife Anna and their young son George reside, is about to be claimed by the mortgagee. It is understood that Mrs Hunt has been served with a notice to quit the home by late October. Despite statements to the Family Court by Hunt that he has been paying, and would continue to make the mortgage payments, it is understood that the account is well over NZ$30,000 in arrears. Wikifrauds understands that the mortgage is in the joint names of a trust owned by Daniel Hunt, Anna Hunt, and Hunt's father, a very wealthy pastoralist. It remains to be seen whether the wealthy millionaire farmer will pay the arrears in order to keep a roof over his grandson's head, or abandon them as Hunt himself did when he ran off with his defacto Russian bride. It is also understood that Hunt has continually failed to make his child support payments.

This all goes to credibility and what can or cannot be believed. Hunt is on the public record as stating that he personally knew of three deals that WGA had settled in Australia. He also stated this in an affidavit to the Family Court on matters relating to custody. He must have assured Sereposis of this also, as he too has made that statement public. Yet privately Hunt has admiitted that he was only told this, and has no personal knowledge or evidence of any such settlements whatsoever. It is clear that Hunt and Serepisos, both knowing the truth, have deliberately misled the press and Serepisos's creditors alike, and in their joint deceptive public support of Ali, have given some false degree of comfort to Australian victims, some of whom kept on hoping for months instead of taking action much earlier. There is no ANZAC tradition in either Hunt or Serepisos. Both should have come clean months ago. Both have seriously misled everyone for a long time, and Hunt has clearly lied, and on oath, for his own private and public purposes.
Wellington Phoenix Football club about to go.
Sep 7, 2011: The self-styled Donald Trump of New Zealand. If interested readers listen really carefully, they will hear Ahsan Ali Syed gallantly charging in on one of his prized horses to rescue his great friend, Terry Serepisos. And if they look up into the sky, they might see a flight of pigs.

It seems like Football Federation Australia (FFA), the licensor of soccer for the region, has been patient enough with the repeated false assurances from Serepisos that he is able to continue ownership and funding of the cash-strapped club that Ali promised to save. The Otago Daily Times disclosed that Phoenix coach Rick Herbet is owed over $100,000 in salary payments, and that the FFA is ready to hand the club over to a group of private investors. It's about time Serepisos actually grew up a little and told the truth. His financial advisor Daniel Hunt knows it, all of Australia knows it, McNabbs know it, the SFO knows it - Ali IS NOT coming to the rescue with his $100 Million loan - the man can't even pay his bills to PR company Hill & Knowlton, let alone fund all the loans he has approved, or even refund the tens of millions of fees scammed. Serepiso is just fooling himself bigtime. This is also confirmed in an article on Monday in the Dominion Post by Australian lawyer, Andrew Bryce who is representing a dozen Australian victims.

SEREPISOS SELLS HIS ASSETS August 29, 2011: The self-styled Donald Trump of New Zealand, Terry Serepisos, is now asking for an orderly sell-down of his assets. Serepisos told the New Zealand High Court today that his assets exceeded his debts by some NZ$30 Million. However these estimates are based on what Serepisos says is the case, but other analysts claim that he is in fact some $80 Million ‘upside-down’.

What is clear is that Serepisos is desperate to remain in control of what is virtually a winding-up of his affairs. In yet another ridiculous statement yesterday, Serepisos said a $100m loan he has arranged from Western Gulf Advisory, a Bahrain-based lender which has been accused of fleecing investors in Australia, would still come through.''I personally still think it's going to come through, and it'll come through sooner than people believe. That's my opinion. I'm adamant it is.''

Serepisos’s broker Daniel Hunt, who introduced him to Ali Syed’s WGA, is at odds with Serepisos and has advised that the property developer is just saying this to “keep his people at a distance while he is sorting his mess out”. It must be obvious to Serepisos and his creditors that what he is now saying is pure wishful fiction. After all, he has been spruiking the same line for the last seven months. The loan is always just around the corner, but it never comes. And who would know better than Hunt. He also brokered the McNabb deal and the Revolution Productions deal for the Russian entrepreneurs Adyl Khidirbekov and Sergei Sonkin. Both deals failed to settle, and both clients have been unsuccessful in obtaining a refund of their fees, even with Hunt's assistance. Hunt is still being paid as an adviser to Serepisos. That being the case, how does he explain to Serepisos that his other clients can't get their money back and didn't get their loans settled. How can he possibly support Serepisos in his continuing belief in Ali?  Maybe Hunt just wants to stay on the payroll as long as possible, until either Serepisos runs out of money, or runs out of patience with his financial adviser when it finally dawns on him that the advice has cost him well over a million dollars he can't afford.

Yet another step towards bankruptcy for Serepisos.
August 19,2011:
Serepisos is financially dying a death by a thousand cuts and his doctor, Ali Syed, is not by his side. The heart monitor is about to flatline and all Ali can say (but not do) is that he is Serepisos's best friend and he will get him the medicine - a US$100 million dollar loan. It has been widely published in the New Zealand press over the last few days that yet another creditor has joined the queue the NZ High Court.
New Judgement against Serepisos
August 1, 2011: Stuff.co.NZ today reported a new $2 Million debt judgement against Serepisos.

Another $2 million of debt has been added to the slate of Wellington developer Terry Serepisos. This morning in the High Court at Wellington, a Waipukurau lawyers' nominee company formalised the debt it's owed by Serepisos. Associate Judge David Gendall granted the application of $2,023,170.05 against Serepisos for the Davidson Armstrong and Campbell Solicitors Nominee Company. The sum is now also gathering penalty interest of 16 per cent. Solicitors nominee companies are a way for investors to pool funds for lending. The judgement could be used later as the foundation for a bankruptcy application. Read more.

Serepisos - Bankrupted tomorrow? Now deferred for four weeks:
July18, 2011: The bankruptcy proceedings against Serepisos have been adjourned to August 18 following another creditor joining the action. South Canterbury Finance has joined with Canterbury Mortgage Trust and are seeking debt recovery of some $50 Million, thus taking these proceedings to a total claim of over $55M, PLUS the residual debt owed to the Internal Revenue Department from matters heard in the Supreme Court last March.

Way back on February 22, in a press release from Ali's office, this fraudster promised to help Terry Serepisos because he was a "friend". Since that time he has failed to deliver on his promises, and dates given for those promises, so many times that we have lost count. Information provided to us by his agent Daniel Hunt confirms that the last round of promised settlement dates started on June 24. When the money didn't arrive on that date, Serepisos phoned Ali for an explanation. Ali told him that although he had said that the money would arrive on that date, he hadn't actually "promised" it. But in this phone call, he did promise that the money would arrive the following Friday, July 1. That was a promise, as distinct from a statement of intention. When that "promise" to his friend again failed to materialise, Serepisos and Hunt both flew off to Bahrain to pressure Ali. The trip for two was another waste of creditor's money. After several days, they were sent home by Ali and told to wait for the money, which would now arrive on Friday, July 14.  It didn't of course. It never does. And the Serepisos affair is only one of at least two similar deals brought to WGA by the broker Daniel Hunt. The other deal has also been defaulted on by Ali, and the clients, a Russian group headed by a Mr Adyl Khidirbekov and a Mr Sergei Sonkin, with projects in New Zealand, are now left like all the Australian victims, wondering how or if they will ever get their money refunded.

July 17, 2011: The unpaid creditor Canterbury Mortgage Trust is about to tip Terry Serepisos upside down in the courts in New Zealand tomorrow, Monday July 18. Nothing but a miracle can save him now, and the miracle he still believes in is WGA. For the last six months Ali Syed has been deferring the loan with excuse after excuse, and delay after delay. The high-roller Serepisos, and his agent Daniel Hunt, both flew off to Bahrain a fortnight ago after Ali had again failed to make a deadline promised. Whilst there, Serepisos and Hunt were again promised that the desperately needed cash ($100M) would be delivered last Friday in time to save the owner of Wellington Phoenix and his tattered business empire. Wikifrauds has received advice that Serepisos is some $80M 'upside down', and without that loan, Serepisos is well and truly sunk. We also believe that the rescuer who paid most of Serepisos's tax debt (see below) has done a deal with Serepisos on one of his assets; a hotel used as a security for the bailout with the taxman has been acquired for a song by that lender and immediately placed on the open market to realise a large and immediate profit. No doubt the authorities will want to take a real good look into this transaction at some stage in the very near future. Such transactions as this appears to be are often unwound by the major creditors in the process of recovery of funds. And the taxman, who as yet has not been fully paid out, will also go down this track.
Source. New Zealand Business Review.
Serepisos fails in court - loan funds not forthcoming from Ali as promised.
May 24, 2011:  Terry Serepisos appeared in court yesterday to stave off bankruptcy proceedings, and failed miserably. Amid sensational proceedings, his lawyer quit. There are only two reasons that lawyers quit: A, they have little prospect of being paid, or B, their faith in their client's honesty has lapsed.
Serepisos has continually made excuses for not having received his loan settlement from WGA, and despite unexplained continual and repeated delays from WGA and  their founder, Ahsan Ali Syed, still expects his creditors to stand by him. Chairman of Canterbury Mortgage Trust, Don McBeath quoted today when asked about Serepisos's chances of having his promised WGA loan settled, "I'm not sure whether it's appropriate to say, but pigs might fly." CMT is chasing Serepisos for $6.1 million and is seeking an enforcement order from the NZ High Court in Wellington. The proceedings followed yet another settlement date promised by Ali of May 20. Once again, the $100M loan funds failed to materialise. This follows several past settlement dates promised by WGA, and one in particular that was contained in a confidential letter presented to the High Court in March which resulted in a stay of proceedings by the Inland Revenue for one month. On April 19, Serepisos was saved at the eleventh hour by a separate loan which enabled him to clear his obligations to the tax authorities. It is understood that this new lender, a property developer, is now chasing that money back.

It is now some months since Ali himself openly stated to the media that he was going to help "his friend" Terry Serepisos. With friends like Ali, Serepisos now has a full collection of 'enemies'. Some of these would be the upset Australians who are rightly aggrieved at this upstart smart-arse still uttering his confidence in Ali Syed, the well-documented fraudster, who to this very day is still refusing to refund loan fees of millions of dollars to Australian companies who cancelled their loan applications, and have legally requested their fees to be returned, under clause 6.7 of the Advisory Agreements signed by Ali. The WGA Advisory Agreement quite clearly states that refunds will be promptly paid should loans be not proceeded with for any reason whatsoever. Yet there are numerous clients being stalled with demands for so-called release agreements before any money is repaid. And when such agreements are signed, Ali then demands another agreement to replace the first. This has been going on for months and in some cases go back as far as November last year. Six months of stalling is not what anyone could describe as being prompt! And it's the same story in Spain, where he still hasn't paid for his shares in the football club, Racing Santander. Both major shareholders there are pursuing legal remedies right now.

Matt Nippert, The New Zealand Business Review (NBR) headlined on Monday May 23:
Serepisos fights bankruptcy process as lenders lose faith in WGA  See article
A further article on line from the TVNZ gives more details    Read
Serepesos wins first match -or does he?
When New Zealand's version of Donald Trump, entrepeneur and Wellington Phoenix Soccer Club owner Terry Serepesos, fronted up to a match with the Inland Revenue in court last week, in true football style he pulled out his "trump" card just after half-time - a letter from Ahsan Ali Syed that convinced the court to grant a stay of proceedings for one month. Although the documents  in this matter were made public, the western Gulf Advisory letter was withheld from public scrutiny.

Score for this round: Serepesos - one, Inland Revenue - nil.

But behind the public utterances of support for WGA and his 'old friend' Ahsan Ali Syed, a very different Serepesos strategy was being executed to try to win the next round. Serepesos has now sent his advisor scurrying off to Bahrain to see his friend Ali and get his up-front fees back. Some expression of confidence that is - no confidence! And no chance of his money back either, that's not Ali's style at all.

Likely score for the next match: Serepesos - nil, Inland Revenue - nil. Bonus points to be awarded to league leader WGA and coach Ali Syed, in the form of several million!

And the referee - he will join Inland Revenue back in the change rooms where they can wash the egg off each other's faces. There will be some explaining to do one imagines.

Serepesos is due in court again on April 18. As of April 28, he is yet to receive any of the promised funds from WGA or Ali Syed. And despite what he is saying in public, Serepesos has gone to Bahrain to get his money back - and we have that from a member of his staff in Wellington.